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De Beers axes 25 percent of U.K. staff

April 07, 2009

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London--Following a three-month comprehensive review, De Beers has cut about 25 percent of its United Kingdom staff, a spokeswoman confirmed to National Jeweler on Tuesday.

Lynette Gould said the cuts at De Beers UK, which include Forevermark, the Diamond Trading Co. and De Beers Group functions, impact about 100 positions and are a mix of voluntary severances and layoffs.

It is part of the company's efforts to "move our cost base to a level that reflects the current economic climate," she said.

Details of the cuts first surfaced in December, when De Beers began a 90-day operational review at its London headquarters to determine where cuts could be made. At the time, it was unknown what percentage of the workforce would be lost or what departments would be impacted.

Like so many jewelry industry players, the sting of the worldwide economic crisis, and subsequent slowdown in diamond sales, has forced De Beers to scale back across the board.

In Africa, the company has drastically reduced, and even halted, production at a number of its mines due to decreased demand from its sightholders.

Gould said on Tuesday that the company is conducting "various other reviews" at De Beers operations worldwide but cannot comment further until the reviews are complete.
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Business | National Economy

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