De Beers to Pause Production at Venetia Mine for Two Years

The move is part of Origins, the cost-reduction and business reorganization strategy that De Beers launched in 2024. In a press release issued today, the company said the strategy aims "to reduce costs, divest non-core assets and prioritize investment in activities that create the most value."

De Beers added that the program has already made significant progress, reducing annual overhead costs by more than $100 million. According to the company, the restructuring also includes "the sale or closure of a number of non-core assets and significant capital and cost reconfigurations to asset expansion projects."

Over the past two years, De Beers has reduced production across its mining operations in four countries, resulting in an overall production cut of approximately 40%. Last May, Botswana President Duma Boko announced the elimination of more than 1,000 positions at Debswana, the joint venture between De Beers and the Government of Botswana that operates the country's diamond mines. Earlier this year, De Beers also announced a pause in the expansion project at the Gahcho Kue mine in Canada.

Al Cook, Chief Executive Officer of De Beers Group, said:

"In line with our commitment to focus and streamline our business, we are making a number of changes to De Beers to ensure greater business resilience in the near term, while supporting long-term value creation."

Alongside its cost-cutting measures, De Beers has increased its investment in natural diamond marketing. During 2025 and into the first quarter of 2026, natural diamond sales through independent U.S. jewelers increased, led by higher-value diamonds and products promoted under De Beers' Desert Diamonds marketing campaign.

The company has also launched several large-scale marketing initiatives and expanded its collaboration with key stakeholders. However, today's announcement did not disclose the size of the marketing investment or provide specific campaign performance figures.