De Beers CEO Bruce Cleaver Says ‘Volatility is the New Normal’

Aug 03, 2016

De Beers Group’s CEO Bruce Cleaver has said that though “Volatility is the new normal” for the diamond industry, the company sees “great opportunities on the horizon for the diamond sector” and believes that “there is no time like the present to start work on capturing them”.

Expressing his views through a signed commentary on the De Beers website entitled “A Good First Half and More Opportunities on the Horizon”, Cleaver says that the company has been encouraged by its performance in the first half of the year, and indicates that the actions it took in response to the challenges of 2015, have succeeded in normalising trading conditions.

Stressing that it is important to safeguard this success, he pinpoints the need to “ensure effective activities across the pipeline, while continuing to support key areas – continuity of supply, midstream sustainability and downstream demand”.

Cleaver has also listed some of the key initiatives that De Beers is undertaking in the latter part of 2016. Among these are the official opening of Gahcho Kué, a new US$1 billion mine in Canada’s Northwest Terrorities in partnership with Mountain Province Diamonds, and the launch of the SS Nujoma, a new cutting-edge vessel built for diamond exploration and sampling at Debmarine, Namibia.

Discussing new programmes taken up at the other end of the pipeline, Cleaver says that De Beers will plays its part with support to category marketing to help stimulate consumer demand. In his note, he specifically mentions the launch of IIDV in the US to give consumers greater transparency in the reselling process and exciting developments in Forevermark, including launching a national television campaign in the US during the fourth quarter of the year featuring the Ever Us two-stone diamond collection.

Referring to the midstream, Cleaver draws attention to the Company’s “determination to seek out emerging opportunities and test their commercial viability”, specifically referring to the pilot launched by De Beers Auction Sales that allows third-party companies to sell certain types of rough diamonds that meet specific conditions through the online auction platform, as well as important organisational design work that aims to ensure that Global Sightholder Sales becomes even more customer-centric.

Cleaver, who will be inaugurating the India International Jewellery Show in Mumbai on August 4, said that he is looking forward to his visit to “a true diamond country with prospects across the entire pipeline” where he will also get an opportunity to meet key players from across the pipeline and to hear their views on the industry.

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