De Beers is carrying out substantial layoffs in its trading department as the diamond giant continues to respond to the market downturn, sources have told Rapaport News.
The company has dismissed a significant number of salespeople, including several senior executives and key account managers, insiders said late last week.
The move also coincides with parent company Anglo American’s preparations for a sale of its iconic diamond business.
A De Beers spokesperson declined to confirm the details but acknowledged that a restructuring was underway in the department. The number of layoffs was unclear at press time.
De Beers has been streamlining its operations and reshaping its workforce over the past year and a half in line with its Origins strategy, the spokesperson explained.
“As one of the final parts of this, we are currently working through the process of completing the restructuring in our diamond-trading business,” he said Thursday. “Our focus throughout is on carrying out the restructuring in a manner that reflects our values, leadership principles and consideration for our people.”
The miner will “ensure we manage a smooth transition to our new structure and will communicate with key stakeholders in the near future if any of the changes affect their interactions with De Beers Group,” he added.
The diamond-trading division contains Global Sightholder Sales (GSS), which sells rough at 10 sights per year, as well as the auctions unit, which recently moved from Singapore to Botswana.
The department spans Belgium, Botswana, Dubai, Hong Kong, Namibia and South Africa, according to the company’s website. The layoffs cover a number of these locations, the sources said, although Rapaport News could not confirm the specifics.
The news comes after Anglo American reported an underlying loss of $245 million at De Beers for the first half of 2025. This reflected declines in rough prices and the miner’s decision to sell off some of its inventory at low margins. Capital expenditure decreased 35% year on year to $172 million for the six months amid “cash preservation and optimization initiatives.”
The three-year crisis in the diamond market has permanently impacted the business. In late 2023, Anglo American said it would reduce De Beers’ annual overheads by $100 million. At the JCK Las Vegas show in May 2024, De Beers said it was “well on the way to delivering” this.
Speculation has been mounting about prospective buyers of De Beers, with former CEOs Gareth Penny and Bruce Cleaver named in the media as potential suitors.
Sentiment in the diamond market is low following the US’s announcement of 50% tariffs on Indian products, although certain rough categories — notably large stones — have picked up in recent months. The next De Beers sight is scheduled for August 25 to 29.
Image: Rough diamonds. (De Beers)
