De Beers pauses production at South Africa's Venetia diamond mine

De Beers, majority‑owned by Anglo American, announced it will suspend production at the Venetia mine in South Africa for two years. The mine, which supplies about 40 % of South Africa’s diamond output and roughly 10 % of De Beers’ global rough production, employs around 4,400 workers. The pause is a cost‑cutting measure amid a prolonged downturn in the global diamond market, driven by weaker luxury demand in China, competition from lab‑grown diamonds, and broader geopolitical tensions. De Beers has already cut more than US$100 million of annual overhead since 2024 and has halted other projects, such as the Tuzo Phase 3 expansion at its Gahcho Kué mine in Canada. CEO Al Cook said the company is “making a number of changes to De Beers to ensure greater business resilience” and that “our commitment is to focus on value, improve resilience and position De Beers to compete strongly as industry conditions recover.” Production gaps will be offset by increasing output at other De Beers operations. The move coincides with Anglo American’s effort to sell its 85 % stake in De Beers as it refocuses on copper and other core assets.