<\/p>\n
Diamond giant De Beers plans to halt production at its South African mine for two years, as the one-time monopoly continues to wrestle with one of the deepest crises to ever hit the industry.<\/p>\n
The $80 billion industry is under severe strain. What started as a post-pandemic slump worsened amid a pullback in Chinese luxury spending and the rising popularity of synthetic stones. Trade tensions and war in the Middle East have piled on even more pain.<\/p>\n
Read:
De Beers makes deep diamond price cuts for shrinking buyers club
Botswana\u2019s president courts Oman amid De Beers\u2019 control battle<\/p>\n
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De Beers has sought to lower production to try and support prices, but a glut of stones from Angola and weak demand has undermined those efforts.<\/p>\n
The company said Monday that it now intends to shutter its Venetia mine in South Africa for two years as part of ongoing cost-cutting plan. The decision won\u2019t impact its output goals as it would produce more stones elsewhere.<\/p>\n
Read:
De Beers makes sweeping cuts to its elite diamond-buying club
Anglo takes R36.8bn impairment on De Beers diamond unit<\/p>\n
The move comes amid a period of uncertainly for the firm. Long-time owner Anglo American Plc is in advanced stages of selling the business after years of underwhelming performances that tried the patience of investors.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Beers #shutter #South #African #diamond #save #cash<\/p>\n","protected":false},"excerpt":{"rendered":"
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