De Beers To Close South African Diamond Mine
By Semafor Africa Photos: Wikimedia Commons De Beers is halting production at South Africa’s biggest diamond mine, as global gemstone prices fall due to slowing demand and increased competition from cheaper lab-grown gems. The firm, citing “protracted challenging conditions” in the diamond industry, said it would close its Venetia mine for two years. The site produces 40% of South Africa’s diamonds and employs about 4,400 people. South Africa’s National Union of Mine Workers said the livelihoods of more than 1,200 people were threatened, saying “workers cannot be treated as disposable tools.” De Beers’ parent company Anglo American is seeking to sell the firm — after three asset write downs — as the mining major eyes a pivot toward copper, which is in demand for the energy transition and use in AI data centers. The $80 billion diamond industry has been hit by a post-pandemic slowdown, especially in China where demand for luxury goods has collapsed. Globally, the cost of real diamonds has fallen 50% since 2022. De Beers’ also operates in Angola, Botswana and Namibia, along with Canada. — Jenny Vaughan
Black News 
By Semafor Africa
Photos: Wikimedia Commons
De Beers is halting production at South Africa’s biggest diamond mine, as global gemstone prices fall due to slowing demand and increased competition from cheaper lab-grown gems.
The firm, citing “protracted challenging conditions” in the diamond industry, said it would close its Venetia mine for two years. The site produces 40% of South Africa’s diamonds and employs about 4,400 people.
South Africa’s National Union of Mine Workers said the livelihoods of more than 1,200 people were threatened, saying “workers cannot be treated as disposable tools.”
De Beers’ parent company Anglo American is seeking to sell the firm — after three asset write downs — as the mining major eyes a pivot toward copper, which is in demand for the energy transition and use in AI data centers.
The $80 billion diamond industry has been hit by a post-pandemic slowdown, especially in China where demand for luxury goods has collapsed.
Globally, the cost of real diamonds has fallen 50% since 2022. De Beers’ also operates in Angola, Botswana and Namibia, along with Canada.
