World renowned diamond company to cut back staffing

De Beers, the world renowned diamond company, is to start cutting jobs as South Africa's strong rand continued to hit its US dollar-based revenues.

Gary Ralfe, the group's managing director, said the rising rand has posed both a serious and immediate challenge to the company.

He said "The current financial climate dictates a critical review of all our overheads, particularly those of the corporate headquarters in Johannesburg, to ensure that costs are reduced and value is added to the business".

A reduction of staffing levels would be necessary he said, but that it could be achieved through re-deployment of employees, a freeze on recruitment, and voluntary separation or early retirement.