Al Cook’s measured bet on a bruised but resilient diamond industry

On a Thursday morning in November, Al Cook sits in De Beers’ Gaborone offices and talks through the overlapping issues that have led to the worst diamond slump in living memory, as though it were a knot that must be patiently untangled. The diamond executive has had little of a honeymoon since taking over as chief executive in 2023.

As geopolitics evolved and economic pressures mounted, demand waned, prices fell, inventories rose, and a business that once seemed unshakeable had to explain itself to shareholders, governments and workers all at once. “There have certainly been challenges,” he says at one point, “but if we work together, we can regain growth.”