South Africa’s Largest Diamond Mine Suspends Production

International diamond giant De Beers Group announced on the 13th that it plans to suspend production at its Venetia diamond mine in South Africa’s Limpopo Province for two years in order to reduce costs.

De Beers issued a statement that day saying that other mining areas within the company would maintain their current production levels, with the overall production guidance remaining unchanged. Al Cook, CEO of De Beers Group, stated in the announcement that the relevant adjustments are aimed at enhancing the company’s operational resilience.

The suspension is part of De Beers’ broader plan to cut costs and adjust its global operations. Since 2024, De Beers has reduced its annual management expenses by over $100 million and has sold off or closed down certain non-core assets.

The Venetia diamond mine is South Africa’s most valuable diamond mine by output, accounting for approximately 40% of the country’s annual diamond production. Located near the borders of Botswana and Zimbabwe, the mine has been in operation for over 30 years.

According to South African media reports, the global natural diamond market has been under sustained pressure, facing challenges such as falling prices and intensifying competition from lab-grown diamonds. De Beers stated that, affected by both cyclical and industry-specific factors, the near-term trading environment for rough diamonds is expected to remain challenging.