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De Beers suspends Venetia mine production for two years to cut costs, reducing output.
De Beers Group will suspend production at its Venetia diamond mine in South Africa for two years to cut costs and reassess capital spending. The pause will allow critical infrastructure investment to improve capacity and efficiency, supporting future growth when conditions improve. The Venetia mine produced 2.2 million carats in 2025 and employed around 4,400 people in 2026. Production from the $2.3 billion underground facility began in July 2023 after three decades of open-pit mining ended in December 2022. This follows an earlier decision to pause the Tuzo phase three expansion at the Gahcho Kué mine in Canada, and the company is also reconfiguring its global operating model to prioritize core spending and reduce central costs.
De Beers suspends Venetia mine production for two years to cut costs, reducing output.