10% is today’s Number of the Day.
That is the share of De Beers’ total rough-diamond production that came from Venetia Mine in 2025. Now, the company plans to pause production at the Limpopo operation for two years.
Gareth Edwards and Francis Herd unpack why the decision matters far beyond the diamond counter.
Venetia is South Africa’s largest diamond producer by value. It contributes more than 40% of the country’s annual diamond production and employs approximately 4,400 people. De Beers says the pause is intended to reduce costs while difficult rough-diamond trading conditions continue. (eNCA)
The conversation examines the wider crisis facing natural diamonds. Laboratory-grown stones can be larger, cheaper and almost indistinguishable from mined diamonds. At the same time, weaker Chinese luxury spending and increased global supply are placing additional pressure on prices.
But the sharpest contradiction may be underground.
Billions of dollars were invested in expanding Venetia. Production is now being pulled back as Anglo American tries to sell De Beers and the industry confronts one of its deepest downturns.
De Beers calls it a pause.
The unresolved question is what happens if diamond demand does not return.
Catch up on all Number of the Day episodes here: https://www.enca.com/number-day-podcast
Chapter List
(00:00) 10%: Why Venetia Mine Matters
(00:17) De Beers Pauses Production for Two Years
(00:28) What Happens to Venetia’s Workers?
(00:53) De Beers Faces a Historic Diamond Slump
(01:13) Are Synthetic Diamonds Taking Over?
(01:50) How Diamond Scarcity Was Controlled
(02:09) The Marketing That Made Diamonds Symbolic
(02:39) Bigger and Cheaper Laboratory-Grown Diamonds
(03:04) Anglo American’s Planned De Beers Sale
(03:16) Venetia Produces 40% of SA’s Diamonds
(03:48) The Jobs and Economic Stakes
(04:39) The $2.3 Billion Venetia Expansion
(05:27) How De Beers Can Shift Global Production
(05:44) African Buyers Step Back
(06:30) Resource Ownership Versus Debt Risk
(07:08) Can Natural-Diamond Demand Recover?
(07:54) Up to 4,300 People May Be Affected
