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Tue, 14 Jul 2026

Tue, 14 Jul 2026 Diamond giant De Beers halts work at flagship South African mine as demand plummets

Production will stop for two years at the mine which employs more than 4,000 people.

* Sales of diamonds have fallen as consumers switch to lab-grown gems
* De Beers is suspending production at its Venetia mine in South Africa, which accounts for 40% of the country's diamond production and employs over 4,000 people
* The company cited declining demand and stiff competition from lab-grown diamonds as reasons for the decision
* Prices across the industry have fallen by nearly half since 2022 due to changing consumer habits and increasing supply of lab-grown gems
* De Beers has pledged to use the two-year downtime at the Venetia mine to make infrastructure more efficient
* The company's decision is part of a larger trend in the diamond industry, with other large producers also scaling down operations
* Lab-grown diamonds have gained popularity in recent years due to concerns over mining practices and environmental damage.