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De Beers Halts Production at South Africa’s Largest Diamond Mine as Prices Fall
De Beers is stopping output at the Venetia mine, which accounts for 40 percent of South African diamonds. Gem prices have dropped 50 percent since 2022 amid weaker demand and lab-grown competition. Parent company Anglo American is seeking to sell the unit.
Jul 13, 7:14 PM·1m read1 source
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De Beers is halting production at South Africa’s largest diamond mine. The Venetia mine produces 40 percent of the country’s diamonds, Semafor reported on July 13. Gemstone prices have fallen 50 percent since 2022.
Semafor attributed the decline to slowing demand and rising competition from lab-grown stones. De Beers operates the Venetia mine. Its parent company, Anglo American, is seeking to sell the diamond business, according to the same report.
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