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.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CrimeNov 12, 2026
1 of 7 Men Charged in $100M Brinks Heist to Plead GuiltyThree of the other alleged perpetrators will stand trial next March, while two remain on the lam and one was deported late last year.
AuctionsNov 12, 2026
24-Carat ‘Bulgari Pink’ Diamond Sells for $14.8MUnseen for more than seven decades, the fancy intense pink diamond was the star of Christie’s Geneva jewelry auction.
WatchesNov 12, 2026
Zadok Jewelers Now Offers Certified Pre-Owned Rolex WatchesThe curated selection is available online and at its showroom in Austin, Texas.
Brought to you by
DSF Antique Jewelry: Fine Jewelry, Signed Designers, and a World of Rare DiscoveriesWith over 50 years experience in the trade, DSF Antique Jewelry offers quality, craftsmanship, condition, and remarkable variety.
IndependentsNov 12, 2026
Greenberg’s Jewelers Welcomes New Fourth-Generation MembersThe next generation understands what makes the 126-year-old retailer special, said CEO and Co-President Elise Greenberg.
Weekly QuizNov 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownNov 10, 2026
GIA Examines Pink Lab-Grown Diamond Made to Look NaturalThe 6-carat CVD-grown pink diamond was “deliberately modified” to mimic the appearance of a natural rough diamond, the lab said.
ColumnistsNov 10, 2026
Who Checks the Facts When AI Writes Your Jewelry Copy?An incorrect AI-generated ad or product description can cost your store valuable consumer trust.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Events & AwardsNov 09, 2026
Here Are the 2027 Gem Award NomineesThese nine individuals and brands are up for a Gem Award in the Jewelry Design, Media Excellence, and Retail Innovation categories.
CrimeNov 09, 2026
Jeweler Pistol-Whipped, $900K in Jewelry Stolen During Home Invasion The incident, which happened in Miami-Dade County, serves as a reminder to jewelers of the dangers of selling and storing jewelry at home.
GradingNov 09, 2026
GIA Acquires Thousands of Gem Specimens With ‘Extraordinary’ InclusionsGIA Analytical Microscopist John Koivula curated the collection of 2,665 crystals, gems, and minerals over a 60-year span.
CollectionsNov 09, 2026
Bibi van der Velden’s Alligators Become High JewelryThe “Eclipse” collection, the brand’s first high jewelry line, centers its alligator motif in diamond and spinel jewels.
EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
