De Beers CEO Al Cook recently revealed a bold new vision to revive the legendary diamond company during the JCK show in Las Vegas. Here's what he's cooking up 👇
💬 On rumors of a buyout: Two former De Beers CEOs are reportedly eyeing a buyback. Cook laughed it off but admitted there's “something about De Beers that makes you fall in love.” ❤️
🏬 Retail expansion: Cook plans to open 100 De Beers London stores and 100 Forevermark locations. While some doubt these "unproven" concepts, Cook believes India’s booming market and luxury appeal will pay off.
📍 De Beers London = Ultra-Luxury: Flagship stores will emphasize quality over quantity. Paris and Dubai are just the start. 🗼
💰 Cutting Costs: After trimming $100M, Cook plans to slash another $30M by streamlining operations—shutting down low-value projects and ditching unnecessary assets and offices.
💎 Polished Division & Origins Brand: Partnering with sightholders, De Beers will focus on ethically sourced diamonds, with the Origins line emphasizing traceability and sustainability.
🌐 Tracr Update: De Beers’ diamond tracking platform, Tracr, is going independent. The GIA is expected to become an investor. De Beers plans to reduce its stake to minority ownership.
Cook envisions a leaner, sharper, and more modern De Beers—built for the 21st century. Whether this transformation will sparkle like their diamonds remains to be seen.