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 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.”
The Latest
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.