Editor’s Note
**Editor’s Note:** De Beers announces significant operational changes, including a two-year production halt at its Venetia mine in South Africa and workforce reductions, as part of a broader effort to streamline costs and adjust capital spending.
De Beers said it’s making some “portfolio and organizational changes” to streamline its business and will pause production at Venetia — its sole remaining mine in South Africa — for two years.
The planned pause at Venetia — which, just three years ago, De Beers called a “world-class” asset — will “reduce costs while also rephasing capital expenditure on its underground project,” a company statement said. “This will involve critical infrastructure investment to enhance the capacity and efficiency of the mine, with the intention to support future production growth as business and industry conditions improve.”
It follows De Beers’ decision to pause the planned Tuzo Phase 3 expansion project at the Gahcho Kué mine in Canada — which means that mine will likely close by 2028. (It had originally been slated to close around 2031).
De Beers’ statement didn’t say what the other “organizational changes” were, but that’s generally corporate speak for layoffs.
When asked if it planned to reduce headcount, this was its response:
The spokesperson added that “it is expected there will be a significant number of roles impacted.”
The company’s press release did note that it has reinvested in category marketing for diamonds, and sales have been showing signs of improvement:
Global consumer demand for natural diamond jewelry returned to growth in 2025, while natural diamond sales increased across U.S. independent jewelers in 2025 and into Q1 2026, led by higher-value diamonds and those promoted by De Beers’ Desert Diamonds marketing campaign.
Yet, even so, the company said that “rough diamond trading conditions are expected to remain challenging in the near term due to cyclical and industry-specific factors.”
Antwerp World Diamond Centre (AWDC) said the city’s diamond business is showing a “clear recovery,” with combined imports and exports of rough and polished diamonds reaching $10.5 billion in the first half of the year — a 9.3% improvement in value and a 14% leap in volume compared to the first half of 2025.
It added, however, that the growth was “relative,” and the numbers were still down about 25% from the first half of 2024.
But it does see signs that “demand for high-quality, natural diamonds is picking back up, particularly in the luxury segment,” with the average price per carat of polished diamonds rising 14%.
Though reports had long said he was out of running, former De Beers CEO Bruce Cleaver just confirmed to South African publication Currency that he and his unnamed backers are no longer interested in buying his old company:
Cleaver is now devoting more time to Gemfields, which he chairs, following the resignation of Sean Gilbertson.
This is a very clever spot for the Sixteen Stone by Tiffany solitaire diamond ring, featuring its new brand ambassador Mikey Madison.
