The world’s No 1 diamond producer by value, De Beers, had an “extraordinary” start to the year, which is forcing a fundamental restructuring of the business from exploration to sales, CEO Bruce Cleaver said on Thursday.

De Beers, an 85%-owned Anglo American business, saw a 96% decline in second-quarter revenue as the Covid-19 pandemic laid waste to the global diamond business by halting production in Southern African countries, preventing cross-border travel to buy diamonds in Botswana, and throttling retail sales of jewellery...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now