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
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
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 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
TrendsMar 09, 2026
Jake Gyllenhaal Is Bulgari’s Latest AmbassadorBulgari named Gyllenhaal as its brand ambassador for his embodiment of artistic depth, intellectual curiosity, and warmth.
Events & AwardsMar 09, 2026
TJS Announces 2026 Scholarship WinnersAwards were given to four students, one apprentice, and an emerging jeweler.
AuctionsMar 09, 2026
Joanna Carson’s Jewels Lead White-Glove SaleThe top jewelry lot of the late model’s estate sale, hosted by John Moran Auctioneers, was an Oscar Heyman & Brothers for Cartier necklace.
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
