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De Beers Halts Venetia Mine for Two Years on Diamond Slump
De Beers halts Venetia mine for two years as diamond slump deepens. Anglo American said the cost-cutting step is the most aggressive in the current downturn.
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Anglo American said its De Beers unit is pausing production for two years at the Venetia mine in South Africa, a cost-cutting move that underscores the depth of the diamond market's downturn.
The Venetia mine, one of De Beers' largest operations, will stop output for 24 months. Anglo American did not specify how many carats the halt would remove from the market or how many jobs would be affected.
The decision comes as the diamond industry struggles with weak demand from China and a glut of lab-grown stones that has compressed prices for natural diamonds. De Beers has already cut its rough-diamond output targets twice this year.