“How Many Jobs Lost?”: Mzansi Reacts to De Beers Halting Limpopo Diamond Mine

• De Beers is pausing production at its Venetia mine in Limpopo for two years, citing weak global demand and rising competition from lab-grown diamonds
• The Venetia mine has run since 1992 and produces about 40% of South Africa’s total diamond output, making it the group’s largest local operation
• Mzansi reacted online with concern, with many South Africans asking how many jobs will be lost and linking the closure to wider economic worries

De Beers, the 138-year-old diamond giant, is pausing production at its Venetia mine in Limpopo. The move will last two years and comes as the diamond industry battles weak demand.

The Venetia mine produces about 40% of South Africa’s diamonds and has been running since 1992. Rising competition from lab-grown diamonds and soft consumer demand pushed De Beers to act.

SA’s biggest mine halted for two years

De Beers was founded in Kimberley back in 1888 by businessman Cecil Rhodes. Anglo American owns 85% of the group, while Botswana’s government holds the rest.

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The company has struggled with falling diamond prices in recent years. Lab-grown stones are cheaper and avoid the environmental issues linked to traditional mining.

Since 2024, De Beers has cut over R1,6 billion in yearly overhead costs. It has also closed several non-core assets to reduce its overall spending.

Venetia operated as an open-pit mine for three decades before switching underground. The pause will let De Beers rework its 1,000-metre underground expansion project.

According to a report by BusinessTech, De Beers said the break allows it to invest in critical infrastructure at Venetia. This should support future production once market conditions improve again.

The group is now talking to affected workers about the shutdown plans. It has promised support through its existing labour and social plans.

This is not the only project facing delays at De Beers. The group also paused an expansion at its Gahcho Kué mine in Canada.

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De Beers CEO Al Cook said the industry faces tough but improving conditions. He pointed to the rising demand for high-quality diamonds in the United States.

Cook added that the global rough diamond supply is shrinking, which could support prices.

See the reactions from Mzansi below:

Source: Briefly News