CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
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
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
CollectionsOct 20, 2026
Mignon Faget’s Collection Chooses Handmade Over AIThe “Atelier” collection was inspired by the tools, rituals, and objects in an artist’s studio as a quiet rebuttal to an automated world.
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
