De Beers pauses Venetia mine
De Beers will suspend production at its flagship Venetia mine in South Africa for two years as part of a wider restructuring programme aimed at cutting costs and positioning the company for a recovery in the global diamond market.
The company said the temporary production pause forms part of a broader effort to streamline its business, reduce overheads and preserve long-term value while the diamond industry continues to face difficult trading conditions.
The move comes after De Beers removed more than US$100 million in annual overhead costs since 2024, sold or closed several non-core assets and reduced spending on expansion projects.
Despite early signs of stronger consumer demand, particularly in the United States, De Beers said the rough diamond market remains under pressure from cyclical and industry-specific challenges.
Chief executive Al Cook said the latest measures were intended to improve the company's resilience while preserving its ability to benefit when market conditions improve.
"We are making a number of changes to De Beers to ensure greater business resilience in the near term, while supporting long-term value creation," Cook said.
Production at Venetia will be suspended while De Beers slows investment in the mine's underground expansion project. The company said it would continue investing in critical infrastructure to improve the mine's long-term capacity and efficiency before production resumes.
De Beers said it was consulting stakeholders and would support affected employees while continuing to honour its community investment and Social and Labour Plan commitments.
The Venetia decision follows the earlier suspension of the Tuzo Phase 3 expansion project at the Gahcho Kué mine in Canada.
Alongside the operational changes, De Beers plans to reorganise its global business by reducing central corporate costs and directing more resources towards its core mining operations.
The company said it would maintain production at its other operations, with overall production guidance remaining unchanged.
De Beers said it continues to see encouraging signs in the natural diamond market after stepping up marketing campaigns under its Origins strategy. Consumer demand for natural diamond jewellery returned to growth in 2025, with higher-value stones performing particularly well in the United States.
