De Beers said it plans to place its Venetia diamond mine in South Africa on
care-and-maintenance for two years as part of ongoing cost cuts. The company,
announced the move on Monday, said the shutdown will not change its production
targets because it will lift output at other sites. The diamond sector, worth
roughly $80bn, is under severe stress: post-pandemic demand weakness, cooling
luxury spending and rising acceptance of lab-grown diamonds have weighed on the
market, with trade tensions and the Middle East war adding further pressure.
Prior production cuts aimed at supporting prices have been undermined by
oversupply from Angola and weak demand.
