CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
SourcingMar 17, 2016
De Beers’ Parent Company to Cut 85K Jobs
The layoffs include more than 1,500 jobs at De Beers as the company scales back diamond production for 2016.
London--Stung by the drop in commodity prices, Anglo American announced a “radical and aggressive” restructuring Tuesday that includes job cuts at De Beers amid scaled-back diamond production and the closure of another mine.
In Botswana, the Damtshaa Mine will be put on care and maintenance while production will be reduced at Orapa Plant 1.
The mothballing of Damtshaa follows last week’s announcement that De Beers is placing its only diamond mine in Canada, Snap Lake, on extended care and maintenance and reopening only if market conditions improve, and its earlier announcement that it has sold the Kimberley Mines.
Mellier said because of the Snap Lake shutdown, De Beers will close its head office in Canada and open a smaller support center in Calgary. The company also will close offices in South Africa following the Kimberley sale.
In addition, De Beers has shuttered its Element Six industrial diamond plant in Sweden due to the drop in demand for diamond drill bits in the oil and gas industry.
During his presentation, the much-maligned CEO--who seemingly has weathered Martin Rapaport’s rallying of the diamond industry to push for his resignation--defended De Beers’ actions during this most recent downturn.
He said De Beers always has acted “very responsibly” in an effort to ensure profitability in the midstream, reducing rough prices a total of 15 percent while polished prices are down only 8 percent, giving cutters and polishers room to make money. The company also has given sightholders “unprecedented” flexibility when it comes to refusing goods.
Further down the pipeline, he revealed that De Beers has invested $20 million in additional marketing for the holiday season in the U.S., bringing back “A Diamond is Forever” for use in both Forevermark ads and a separate campaign that echoes the company’s generic advertising of the past.
“If you have been in the U.S., it is very difficult to miss the campaign,” he said.
Mellier listed the factors he says have contributed to the diamond industry’s “stock crisis,” none of which included the actions of De Beers or any other diamond producers: lower-than-expected consumer demand for diamonds
Editors' Picks
Sponsored by
in 2014; the backlog at the grading labs, which led to a flood of polished hitting the market earlier this year; and lack of financing for the trade.
There is no “simple cause” to the industry’s stock crisis and, as a result, there is no single solution, he said.
The job cuts and scaled-back production at De Beers are part of a larger effort by its parent company to cut costs as profits diminish.
All told, Anglo American will be cutting 85,000 jobs in the next couple years as it sheds 60 percent of its portfolio and restructures into three business units--De Beers (diamonds), Industrial Metals (base metals and platinum group metals) and Bulk Commodities.
The company is selling off its coal and copper mining operations, and will have a total of about 50,000 employees when the restructuring is complete, down from 135,000.
In addition, Anglo American plans to relocate its London headquarters in 2017, moving in with De Beers at 17 Charterhouse St.
More on Sourcing
The Latest
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner Collab on Bridal Earrings GiveawayThe jeweler has partnered with Jenner’s 818 Tequila brand to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
