SourcingJul 21, 2023
Venetia Transition a Drag on De Beers’ Q2 ProductionSourcingAug 14, 2023
De Beers Mines First Diamonds From Venetia Underground
The $2.2 billion expansion at the South African mine is expected to extend its life until at least 2046.
The underground expansion at the Venetia mine in South Africa’s Limpopo province delivered its first production, De Beers announced late last month. The expansion is expected to produce as much as 5.5 million carats of diamonds per year and extend the mine’s life by decades.
Johannesburg, South Africa—De Beers Group announced late last month it has recovered the first diamonds from the $2.2 billion underground expansion at South Africa’s Venetia mine, a project expected to extend the mine’s life by 20-plus years.
The underground portion of Venetia is comprised of two orebodies known as K01 and K02. De Beers expects them to produce a combined 4.5 million to 5.5 million carats of diamonds annually, making it one of the company’s key assets worldwide.
K01, the larger of the two orebodies, will provide the majority of production, an average of 3.5 million carats from about 4.5 million tons of material per year.
The rest, about 1 million carats from 1.5 million-2.5 million tons of material, will come from K02.
Related stories will be right here …
The underground portion of Venetia is comprised of two orebodies known as K01 and K02. De Beers expects them to produce a combined 4.5 million to 5.5 million carats of diamonds annually, making it one of the company’s key assets worldwide.
K01, the larger of the two orebodies, will provide the majority of production, an average of 3.5 million carats from about 4.5 million tons of material per year.
The rest, about 1 million carats from 1.5 million-2.5 million tons of material, will come from K02.
De Beers began working on the underground expansion at Venetia in 2012, and said it is now 70 percent complete.
Construction and production ramp-up are slated to continue over the next few years, with the project extending Venetia’s life to at least 2046.
Venetia, De Beers’ only remaining diamond mine in South Africa following the closure of Voorspoed a few years ago, opened in 1992. Open-pit operations at the mine ceased last year.
De Beers said the $2 billion it is sinking into Venetia underground is the single biggest investment in the country’s diamond mining industry in decades.
The underground project currently employs 4,300 people, mostly from the local Musina and Blouberg municipalities.
De Beers commissioned construction of a $10.5 million training center in June 2021 to transition the mine’s people, processes, and systems from an open-pit to an underground operation.
The company said to date it has successfully trained and transitioned 180 people, without any job losses among the mine’s permanent employees.
Moses Madondo, managing director of De Beers Group Managed Operations, said: “The investment in taking the world class Venetia Mine underground enhances De Beers Group’s global production for the long term and is an indication of our commitment to South Africa.
“We look forward to seeing [Venetia’s] high-performing team continue the good work as we ramp up production over the next few years, bringing profound benefits to our workforce, our host communities, commercial partners and South Africa as a whole.”
More on Sourcing
The Latest
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
