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BumRushDaShow

(174,393 posts)
Mon Jul 13, 2026, 04:03 PM 17 hrs ago

De Beers to Shutter South African Diamond Mine to Save Cash

Source: Yahoo! Finance/Bloomberg

Mon, July 13, 2026 at 5:04 AM EDT


(Bloomberg) -- Diamond giant De Beers plans to halt production at its South African mine for two years, as the one-time monopoly continues to wrestle with one of the deepest crises to ever hit the industry.

The $80 billion industry is under severe strain. What started as a post-pandemic slump worsened amid a pullback in Chinese luxury spending and the rising popularity of synthetic stones. Trade tensions and war in the Middle East have piled on even more pain.

De Beers has sought to lower production to try and support prices, but a glut of stones from Angola and weak demand has undermined those efforts.

The company said Monday that it now intends to shutter its Venetia mine in South Africa for two years as part of ongoing cost-cutting plan. The decision won't impact its output goals as it would produce more stones elsewhere.

Read more: https://finance.yahoo.com/markets/commodities/articles/beers-shutter-south-african-diamond-090448509.html



Heard a blip on the radio in a business report last night and was like whoa.
36 replies = new reply since forum marked as read
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De Beers to Shutter South African Diamond Mine to Save Cash (Original Post) BumRushDaShow 17 hrs ago OP
Perhaps the closing of that mine will encourage the folks who make lab diamonds. CaliforniaPeggy 17 hrs ago #1
There's no reason to buy a mined diamond anymore. yardwork 17 hrs ago #2
Why does anyone want to buy jewelry? Is it to impress other people? And then there are people who spend money they 3Hotdogs 16 hrs ago #3
Slight possibility that jewelry buyers GenThePerservering 16 hrs ago #4
What's to like about 'em? 3Hotdogs 16 hrs ago #6
In ancient times BumRushDaShow 15 hrs ago #9
They're shiny, and JoseBalow 15 hrs ago #10
What I like about them: they decorate my face and they are beautiful in their own right. ...n/t CaliforniaPeggy 14 hrs ago #14
It improves my appearance LeftInTX 5 hrs ago #34
I agree w/ your sentiment! It's like that 'look at me, look at all of my diamonds, look at my expensive car, look, SWBTATTReg 16 hrs ago #8
Goddess forfend that we should find a moment of joy and beauty niyad 8 hrs ago #24
This! electric_blue68 7 hrs ago #27
Because they're pretty, artistic, interestingly designed etc electric_blue68 15 hrs ago #12
As do I. And for years, I worked with, and represented, jewelry makers niyad 8 hrs ago #25
You've made your own? What have you done? electric_blue68 7 hrs ago #28
Just some simple pieces, several necklaces, pins, and bracelets. niyad 6 hrs ago #31
Cool! getting sleepy will add more tomorrow electric_blue68 5 hrs ago #32
Sweet dreams! niyad 5 hrs ago #33
Why? Because a piece is beautiful, or makes us happy, for starters. niyad 8 hrs ago #23
different strokes for different folks purr-rat beauty 1 hr ago #36
Definitely the case Bluetus 15 hrs ago #13
I have a lab-grown diamond, too. It's beautiful. No need to every buy a new diamond. Liberty Belle 12 hrs ago #21
orher than use for grinding, why bother with diamonds WorseDayEver 16 hrs ago #5
Diamonds are not and never were rare. They just did a super amazing job of marketing. Raftergirl 16 hrs ago #7
Actually, the control of the distribution is what drove rarity and price mdbl 14 hrs ago #15
But not because diamonds are actually rare. De Beers limited the mining solely to be able to sell diamonds as Raftergirl 14 hrs ago #17
Bingo ! When the mines in Kimberly were first being worked, even working-class couples were buying huge diamond eppur_se_muova 10 hrs ago #22
Wow TY electric_blue68 7 hrs ago #29
My husband and I don't have rings. Envirogal 15 hrs ago #11
Rings are symbols. But if you don't like them, then don't wear them. CaliforniaPeggy 14 hrs ago #16
It's beautiful and authentic artwork FakeNoose 14 hrs ago #18
Thanks so much, my dear FakeNoose! CaliforniaPeggy 14 hrs ago #19
Lovely!.... electric_blue68 7 hrs ago #30
Rings are not the only kinds of jewelry out there. niyad 8 hrs ago #26
"To save cash" as if it didn't have EXCESSIVE funds just sitting in numbers accounts... what a crock WorseDayEver 12 hrs ago #20
they are trying to gain control on prices. nt Javaman 1 hr ago #35

CaliforniaPeggy

(157,421 posts)
1. Perhaps the closing of that mine will encourage the folks who make lab diamonds.
Mon Jul 13, 2026, 04:11 PM
17 hrs ago

These are not fake or copy-cat stones. They are real diamonds, having been designated that way. They are exactly like the stones dug out of mines. I have a pair and they are truly lovely and boy do they sparkle!

3Hotdogs

(15,845 posts)
3. Why does anyone want to buy jewelry? Is it to impress other people? And then there are people who spend money they
Mon Jul 13, 2026, 04:52 PM
16 hrs ago

can't afford or go into debt to buy jewelry or cars to impress other people. As for me, If I like someone, I don't want or need to impress them. It was only people that I, deep down didn't like, that I felt I needed to impress.

After I figured that out, I stopped buying expensive cars, clothing or whatever. My car is a utilitarian Hyundai Elantra and it gets me from point A to point B just as good as any Beemer or Ferrari on the road.

BumRushDaShow

(174,393 posts)
9. In ancient times
Mon Jul 13, 2026, 05:35 PM
15 hrs ago

and even today in some cultures, it's literally used as currency for financial transactions.

Hell, the "sell your gold (including jewelry) for cash" is a "thing", with roving "road shows".

CaliforniaPeggy

(157,421 posts)
14. What I like about them: they decorate my face and they are beautiful in their own right. ...n/t
Mon Jul 13, 2026, 07:02 PM
14 hrs ago

LeftInTX

(35,276 posts)
34. It improves my appearance
Tue Jul 14, 2026, 03:59 AM
5 hrs ago

Necklaces - cover my bare chest
Dangling earring look cool and match my outfits

I buy cheap stuff

SWBTATTReg

(26,587 posts)
8. I agree w/ your sentiment! It's like that 'look at me, look at all of my diamonds, look at my expensive car, look,
Mon Jul 13, 2026, 05:25 PM
16 hrs ago

look, look! at what I have!'.

This materialistic society needs to disappear and realize what's really important in the 'real world'.

It's too bad that material objects are obsessing so many people.

niyad

(135,924 posts)
24. Goddess forfend that we should find a moment of joy and beauty
Tue Jul 14, 2026, 01:14 AM
8 hrs ago

in this "real world". And who defines that reality? Based on what criteria? When I was in high school, I heard reality defined as "an agreed-upon fiction". So what should those who do not agree to the fiction do?

electric_blue68

(28,176 posts)
12. Because they're pretty, artistic, interestingly designed etc
Mon Jul 13, 2026, 06:15 PM
15 hrs ago

I only have some with semi-precious stones or water pearls. Others are only metal, or with glass, wood, ceramics etc

Even on some rare occasion to impress people; basically it's because I enjoy the way they look.

And I make my own jewelry, too.

niyad

(135,924 posts)
25. As do I. And for years, I worked with, and represented, jewelry makers
Tue Jul 14, 2026, 01:16 AM
8 hrs ago

and other artists. I loved every minute of it.

electric_blue68

(28,176 posts)
28. You've made your own? What have you done?
Tue Jul 14, 2026, 01:57 AM
7 hrs ago

I'm a long time artist, and craftswoman and always interested in others' creative pursuits.

niyad

(135,924 posts)
31. Just some simple pieces, several necklaces, pins, and bracelets.
Tue Jul 14, 2026, 03:25 AM
6 hrs ago

I have a whole stash of beads, crystals, chains, wiring, findings. A friend has suggested that we have a crafting party. .a group of us, our stashes, and our bubbly!

I used to do photography and sewing. Had a lot of fun doing period costumes. Fortunately, I was not part of the SCA!

niyad

(135,924 posts)
23. Why? Because a piece is beautiful, or makes us happy, for starters.
Tue Jul 14, 2026, 01:04 AM
8 hrs ago

The same reason many people buy, or create, other kinds of art, music, etc. What an iincredibly negative view of human endeavors your posts seem to indicate. How very, very sad.

purr-rat beauty

(1,768 posts)
36. different strokes for different folks
Tue Jul 14, 2026, 08:12 AM
1 hr ago

You may be quite practical - but even a jewelry wearer can be practical.

Bluetus

(3,443 posts)
13. Definitely the case
Mon Jul 13, 2026, 06:25 PM
15 hrs ago

There is an episode from the original Mission: Impossible TV series where the team created a fake operation that supposedly held the key to manufacturing diamonds. I did not see that episode until about 5 years ago, when manufactured diamonds were commonplace, and about 1/3 the cost (and better quality) of mined stones.

There was a Twilight Zone episode where a gang of crooks stole a huge number of gold bars, and put themselves into suspended animation inside a cave for 100 years, thinking they would awake long after everybody had forgotten about the gold theft, and they would be filthy rich. The plot twist was that, in the meantime, a process had been invented to make unlimited supplies of gold cheap.

F Elon Musk, DeBeers, and all those Apartheid bastards. Let them go out of business.

Liberty Belle

(9,712 posts)
21. I have a lab-grown diamond, too. It's beautiful. No need to every buy a new diamond.
Mon Jul 13, 2026, 08:43 PM
12 hrs ago

I think older stones at an antique store are alright, as they've already been mined and sold before. But don't buy from any new diamonds from jewelry stores or other new diamond retailers. They're called blood diamonds for a reason--the horrific conditions for the miners and their families.

Raftergirl

(2,050 posts)
7. Diamonds are not and never were rare. They just did a super amazing job of marketing.
Mon Jul 13, 2026, 05:06 PM
16 hrs ago

I like jewelry. I also like diamonds. They are pretty. I inherited mine, they were my grandmother’s.

My engagement ring is a sapphire. Like Diana’s. Only smaller.

My husband just bid on a pair of tiny diamond studs at a silent auction for an organization that he sits on the board. They are smaller than my other studs, so good for every day, and I can sleep in them. His winning bid was half the retail price.


mdbl

(9,121 posts)
15. Actually, the control of the distribution is what drove rarity and price
Mon Jul 13, 2026, 07:03 PM
14 hrs ago

DeBeers has been controlling that market for decades.

Raftergirl

(2,050 posts)
17. But not because diamonds are actually rare. De Beers limited the mining solely to be able to sell diamonds as
Mon Jul 13, 2026, 07:20 PM
14 hrs ago

an expensive luxury item, desired by women around the world. Marketing genius.

There are many gemstones that are actually rare and they command extraordinary prices.

eppur_se_muova

(43,030 posts)
22. Bingo ! When the mines in Kimberly were first being worked, even working-class couples were buying huge diamond
Mon Jul 13, 2026, 11:18 PM
10 hrs ago

wedding rings, because the stones were so abundant that prices kept falling. Smuggling of diamonds in pockets, mouths, and body cavities brought the prices even lower, since the smugglers were often poor laborers desperate for a quick sale. Rhodes and his allies, incorporated as DeBeers, bought every mining concession they could (each being only a few feet wide) until they controlled the majority of the market, then began to squeeze everyone else out, so that profit margins were pushed higher and higher.

Early stage of mining in Kimberly. Each claimant measured out a square or rectangular plot and began digging straight down, from one edge to the opposite. Faster diggers quickly made deeper holes -- and anything that tumbled down into them from one of the slower diggers became their property.


A later stage of mining in "The Big Hole". Each rope corresponds to a claim -- buckets were hauled up the ropes from the ever-lower dig sites to screening stations above ground.


Today, "The Big Hole" is abandoned and partially filled with water. It is believed to be the deepest hole ever dug by hand.

Described in considerable detail in Rhodes' bio: https://archive.org/details/foundercecilrhod0000rotb_p0z9/mode/2up

Envirogal

(355 posts)
11. My husband and I don't have rings.
Mon Jul 13, 2026, 06:03 PM
15 hrs ago

It’s a scam to make men feel guilty and girls to expect too much based an exploitative and corrupt industry. Water should be valued over diamonds and yet, we have a
Warped view of value. Besides, wearing a ring is a pain, gross on you hands, etc..

A ring means nothing but marketing. Had one for my first marriage and it lasted less than two year. The “no ring” relationship has been going strong for decades.

Manufactured is the way to go if you must have one
And the technology has improved greatly since the days of cubic zirconium.

CaliforniaPeggy

(157,421 posts)
16. Rings are symbols. But if you don't like them, then don't wear them.
Mon Jul 13, 2026, 07:11 PM
14 hrs ago

My then-fiance and I did like the idea of a lost-wax ring, and that's what we got for me. It was made by a local artisan who was probably a student at the local college.

See?



I'm still wearing it and we've been married for 61 years.

FakeNoose

(43,392 posts)
18. It's beautiful and authentic artwork
Mon Jul 13, 2026, 07:20 PM
14 hrs ago

I hope it's comfortable to wear, it looks like it would be.....

CaliforniaPeggy

(157,421 posts)
19. Thanks so much, my dear FakeNoose!
Mon Jul 13, 2026, 07:25 PM
14 hrs ago

I appreciate your kindness. And it is very comfortable to wear.



electric_blue68

(28,176 posts)
30. Lovely!....
Tue Jul 14, 2026, 02:10 AM
7 hrs ago

My mom while in Denver at a hospital to receive newer asthma treatments
she wasn't "sick" pe se, as in acute crisis, but her doctor heard about the opportunity to go there.
Anyway, at one point she did a lost-wax ring in sterling silver, somewhat like yours more curves in the interior openings. I loved it! Unfortunately, later after she came back we think a caregiver stole it because one day it was gone. And we're not people who were/are the suspicious thinking types in general.

WorseDayEver

(19 posts)
20. "To save cash" as if it didn't have EXCESSIVE funds just sitting in numbers accounts... what a crock
Mon Jul 13, 2026, 08:41 PM
12 hrs ago
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