The world's largest diamond producer, De Beers, has hired and appointed Equinor's current Executive Vice President for International Exploration and Production, Al Cook, to serve as CEO.

Cook will replace Bruce Cleaver, who resigned after eight years at the helm of the world's largest diamond producer. Bruce Cleaver will take over as vice chairman of the Anglo-American group, De Beers.

The executive at Equinor - Europe's leading gas supplier - is expected to join his new team from late April 2023. At Equinor Cook is responsible for the company's international portfolio ranging from Algeria, Tanzania and Angola to Brazil and Argentina.

Prior to Equinor, British-born Cook worked as chief of staff to BP CEO Bob Dudley, with an energy career that spanned more than 25 years.

In a statement issued by Equinor, Cook said he was happy to have helped shift the company's vision strategy to become an energy giant. "I am particularly proud of the performance improvements we have delivered together," it read.

Cook takes on the role at a delicate time for the luxury industry, as consumer discretionary income in key markets such as the United States and China has been hurt by inflation and the rising cost of living.

Still, De Beers posted a profit of $944 million in the first half of this year, up 55% from last year, in part spurred by increased business as Western sanctions put Russian global producer Alrosa (off limits.

To that end, De Beers has deployed a blockchain platform to record and track rough diamonds each time they change hands from the time they are sold to middlemen to the retail stage, since Western customers want assurance that their purchases are not coming from Russia.