De Beers, the iconic diamond company majority-owned by Anglo American, announced on Tuesday, July 14th, 2026, that it will halt production for two years at its Venetia mine in South Africa. The mine employs more than 4,000 people.

This pause comes amid a significant downturn in the diamond industry, with the International Diamond Consultants' rough diamond price index nearly halving since 2022. Changing consumer preferences, including a rise in popularity of lab-grown diamonds due to ethical and environmental concerns, have contributed to the challenging market conditions.

During the downtime, De Beers plans to upgrade the mine's infrastructure to increase efficiency and capacity, preparing to resume production once market conditions improve.

Workers' unions have previously warned about potential job losses in South Africa's mining sector, which employs nearly half a million people and contributes over 4% to the national GDP.

De Beers is reportedly being considered for sale by Anglo American, which is shifting focus towards the expanding copper market fueled by recent AI developments.

Founded in 1871, De Beers has a long-standing legacy in the diamond industry, famously launching the advertising slogan "A Diamond is Forever" in 1947. This campaign helped establish the diamond ring as a symbol of marriage and inspired cultural works including a James Bond novel and a Shirley Bassey song.

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