De Beers is suspending production at South Africa’s biggest diamond mine, Venetia, for two years as weaker demand and competition from lab-grown diamonds depress the global market, according to BBC. The company said it is closing the mine to cut costs and streamline operations.
Venetia, in northern South Africa, accounts for more than 40% of the country’s diamond production and employs more than 4,000 people. De Beers said it will use the downtime to upgrade infrastructure and increase efficiency and capacity ahead of a restart when market conditions improve.
The International Diamond Consultants’ rough diamond price index has almost halved since 2022. De Beers is majority-owned by Anglo American, which is reportedly trying to sell De Beers and shift its focus toward copper.
De Beers Halts Work at Venetia Mine for Two Years as Diamond Demand Falls
2026-07-14 14:20:25
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