Diamond mine suspended as prices plummet
The largest diamond mine in South Africa – owned by mining giant De Beers – is to suspend production for two years, but with consumers choosing lab grown alternatives, profits look set to continue to fall
DIAMOND PRICE INDEX
Price per carat
$000s
Mar 2022: $6,720
Price peaked
No way of distinguishing lab-grown and natural diamonds
2
3
4
5
6
2025 (carats)
2026
2022
2023
2024
2025
2026
Individual diamonds priced according to cut, color, clarity, carat.
Lab-grown diamonds cost about 67% less than natural
DE BEERS DIAMOND MINES
SOUTH AFRICA
NAMIBIA
BOTSWANA
Venetia
Produces 40% of country’s diamonds
Orapa
Jwaneng
Damtshaa
Letlhakane
Sperrgebiet
Offshore mining
PRODUCTION
South Africa 2.2m
Namibia 2.1m
Canada 2.2m*
Botswana 15.1 million
Total 21.65 million
*Victor and Snap Lake mines closed 2025
Sources: BBC, De Beers, Bloomberg
Picture: Getty Images
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