As the global economy becomes even more volatile, and the diamond industry with it, diamond giant De Beers hopes to remain profitable by cutting costs – and employees. The firm says that it is looking to purchasing new equipment that will reduce the need for some of its staff, Professional Jeweler reports.

The proposal to replace employees with machinery is just one option that is being considered as Anglo American, the majority-owners of De Beers, conducts an internal review of the firm's operations. Two of the gadgets that De Beers may acquire are a machine that automatically grades rough diamonds and a machine that screens for synthetic stones, according to Professional Jeweler.

De Beers chief executive Philippe Mellier and senior executive Varda Shine would not explicitly confirm that the machinery acquisitions would necessarily result in layoffs, but that eventuality would seem highly likely.