The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
De Beers Names Bruce Cleaver as CEO
The group director of strategy and business for Anglo American will move into the position July 1 following Philippe Mellier’s decision to step down.
London--De Beers announced Friday it has appointed Bruce Cleaver, group director of strategy and business development for Anglo American, as CEO following Philippe Mellier’s decision to step down after five years with the company.
The appointment will be effective July 1.
Cleaver, 51, joined De Beers as general counsel in 2005 and then became commercial director in 2007.
Three years later he was appointed co-acting CEO of De Beers, prior to Mellier’s appointment, and then moved into the position of executive head responsible for strategy, business development, corporate affairs and technologies in 2011.
News of the appointment comes on the heels of a tough year for De Beers. In 2015, total revenue for the diamond miner and market plummeted 34 percent as decreased demand for diamond jewelry in the downstream market resulted in a drop in rough diamond sales at the top of the pipeline.
The decline also was driven by a 36 percent year-over-year drop in rough diamond sales, partially offset by a 5 percent increase in the average price-per-carat for the diamonds it sold.
In its most recent first quarter, De Beers said diamond production was down double digits as it scaled back operations due to the weak diamond demand in 2015.
Parent company Anglo American also said Duncan Wanblad, CEO of its Base Metals business, will add the strategy and business development portfolio of Anglo (from Cleaver’s current positions) to his responsibilities.
Of the appointment, Mark Cutifani, CEO of Anglo American and chairman of De Beers, said, “Bruce’s leadership of De Beers’ strategy and its commercial and government relationships working alongside Philippe and over much of the last decade, combined with his time working with us to shape the new Anglo American strategy, provide strong continuity at an important stage in the diamond market’s recovery.
“The structural dynamics of the diamond market continue to improve, led by the strength of consumer demand for diamond jewelry. With the proven management team in place, De Beers is well positioned to maximize value for all its stakeholders across the diamond value chain.”
The Latest
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Despite the rising prices, consumers continue to seek out the precious metal.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.