Diamond mining giant De Beers is likely to have to cut jobs, its chief executive said on Thursday, as it outlined plans for an overhaul of its business after the coronavirus hit jewellery demand.

De Beers, a unit of Anglo American, earlier reported plunging earnings in the first half of 2020 as a drop in rough diamond sales and prices hurt margins.

Underlying earnings before interest, tax, depreciation and amortisation (Ebitda) were just $2-million in the period, down from $518-million in the first half of last year.