GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
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
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
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
