Diamond giant De Beers is not immune from the current crisis. Among its recent actions:
Will continue its U.S. generic advertising for “beacons” (e.g., three-stone rings, Journey products), but only if sightholders and retailers help with the cost.
Closed its Washington, D.C., corporate affairs office, and slowed down the worldwide introduction of its Forevermark brand.
Received two interest-free loans, totaling $800 million, from its trio of owners (Anglo-American, the Oppenheimer family, and Debswana).
Halted production at its mines in Botswana and laid off 145 workers at its Snap Lake mine in Canada.