De Beers Idles South Africa's Top Diamond Mine
The company cited weak rough diamond trading and said it will rephase underground spending as production falls and several mines close.
- On Monday, De Beers announced a two-year production pause at Venetia, South Africa's largest diamond mine by value, to reduce costs amid persistent trading challenges.
- Venetia accounts for more than 40 percent of South Africa's annual diamond production. Parent company Anglo American is seeking to offload its stake in De Beers as the natural diamond market faces intense pressure from laboratory-grown gems.
- The mine produced 2.23 million carats in 2025, representing 10.3% of the group's total yield. De Beers will also rephase capital expenditure on the $2.3 billion underground project, which opened in 2023.
- CEO Al Cook stated the move ensures 'greater business resilience.' Executive vice president for trading Paul Rowley acknowledged the decision may impact De Beers Sightholder Sales South Africa, which oversees local cutting and polishing supply.
- De Beers maintains production guidance of 21 million to 26 million carats for 2026, with operations at other sites unchanged while the company remodels its portfolio to cover supply shortfalls from the Venetia pause.
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16 Articles
De Beers halts S. Africa mine output
De Beers is halting production at South Africa’s biggest diamond mine, with gemstone prices falling thanks to slowing demand and increased competition from lab-grown stones. The Venetia mine produces 40% of South Africa’s diamonds. De Beers managed to prevent prices sliding in the 1960s after the discovery of major reserves in the Soviet Union, via clever marketing and what The Atlantic in 1982 called “the most successful cartel arrangement in t…
De Beers idles South Africa's top diamond mine
De Beers will suspend production at its Venetia mine, South Africa’s highest-value diamond operation, for two years as the company cuts costs and streamlines its business to withstand a prolonged... The post De Beers idles South Africa’s top diamond mine appeared first on The Northern Miner.
De Beers halts Venetia diamond mine for 2 years
De Beers has confirmed it will suspend production at its Venetia diamond mine, South Africa’s most valuable diamond operation, for two years as part of a wider cost-cutting drive. The decision forms part of efforts to steady the business through a prolonged slump in the rough diamond market. Cape {town} Etc Discount Alert! Unlock Cape Town’s best experiences for half the... Read more → The post De Beers halts Venetia diamond mine for 2 years ap…
De Beers to pause work at South Africa's largest diamond mine: 4 400 jobs at risk
De Beers announced on Monday that it will pause production at South Africa’s largest diamond mine for two years to reduce costs while trading conditions remained tough. De Beers is majority-owned by British mining giant Anglo American, which is seeking to offload its stake as the natural diamond market faces intense pressure from laboratory-grown gems. Challenging times It said “rough diamond trading conditions are expected to remain challenging…
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