Diamond giant De Beers halts work at flagship South African mine as demand plummets
Summary
De Beers, a major diamond company, is pausing production at its largest mine in South Africa, called Venetia, for two years. This decision follows a drop in diamond sales due to fewer buyers, especially in China, and more competition from cheaper lab-grown diamonds.Key Facts
- De Beers is stopping work at the Venetia mine for two years to save money and improve operations.
- Venetia mine produces over 40% of South Africa’s diamonds and employs more than 4,000 workers.
- Diamond prices have dropped nearly by half since 2022 because fewer people are buying natural diamonds.
- Lab-grown diamonds are becoming more popular due to ethical and environmental concerns about mining.
- De Beers also makes its own lab-grown diamonds, which cost less than natural ones.
- Anglo American owns most of De Beers and is considering selling it to focus on copper mining.
- De Beers plans to upgrade the mine’s equipment and increase capacity during the shutdown to reopen when the market improves.
- The mining sector in South Africa employs almost half a million people and is important to the country’s economy.
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