De Beers Halts South African Mine Output for 2 Years as $80 Billion Diamond Slump Deepens
Updated
Updated · Bloomberg · Jul 13
De Beers Halts South African Mine Output for 2 Years as $80 Billion Diamond Slump Deepens
3 articles · Updated · Bloomberg · Jul 13
Summary
De Beers will suspend production at a South African diamond mine for two years, a cash-preservation move as the industry faces one of its deepest crises.
The downturn began with a post-pandemic slump and has worsened as Chinese luxury demand retreated and synthetic stones gained market share.
Trade tensions and war in the Middle East have added fresh pressure to the $80 billion diamond industry, compounding the hit to miners such as De Beers.