De Beers has halted production at South Africa’s largest diamond mine following a ‘protracted’ fall in the price of the precious stones.
The company, which is owned by London-listed Anglo American, said it is pausing operations at its Venetia mine for two years to cut costs.
The mine employs around 3,500 workers and accounts for 10 per cent of global production at De Beers and 40 per cent of South Africa’s diamond output.
The move is a setback for Anglo American as it seeks to sell De Beers and refocus on copper.
Diamond prices have been hit by weaker demand, particularly in China, and the rise of laboratory-grown alternatives.
