London: De Beers is embarking on a huge modernization program that will affect all aspects of the business, CEO Mr. Bruce Cleaver said in a letter to staff.

The move, in response to the COVID-19 pandemic, will include reviewing the way it sells rough stones, according to a report on the Bloomberg news website.

It raises the possibility that the company’s long-held tradition of holding Sights may up for change.

Mr. Cleaver, who took over in 2016, reportedly said he was exploring ways of selling stones “more quickly and in a more integrated way”.

De Beers holds 10 Sights a year (in “normal” times) at which Sight holders are allocated fixed parcels of diamonds at fixed prices.

This year Sight 3 was canceled and Sight 4 reportedly realized just $35m – less than a tenth of the equivalent sale last year. De Beers’ sales for the whole of Q2 fell 96 per cent to $56m.

Mr. Cleaver said COVID-19 had exacerbated existing problems within the industry and demanded action to protect the short-term health of De Beers as well as its long-term potential.