Cleaver: Lucky Time to Quit De Beers
March 06, 25
(IDEX Online) - Former De Beers CEO Bruce Cleaver says he was lucky to quit when he did.
He left in February 2023, before the iconic diamond miner's troubles really began, and went on to join the UK-based emerald and ruby miner Gemfields, as chair and independent non-executive director.
"Selfishly speaking, I was lucky," he told The Times newspaper in an interview (28 February). He said his successor, Al Cook, has had a tough time and he feels for him.
Cleaver, aged 59, left before Anglo American, De Beers' parent company, fought off a hostile takeover bid, announced plans to sell off the now loss-making diamond miner, and wrote down its value by $2.9bn as sales slumped and stockpiles increased.
He did accept though that the gemstone market had its own share of challenges.
Demand remains "subdued", and Gemfields' Montepuez ruby mine has been impacted by the violent uprisings in Mozambique that have impacted.