AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
SourcingOct 26, 2017
De Beers Considering Mine Closures in Namibia
Namdeb noted that satellite diamond mining operations Elizabeth Bay and Daberas are “well beyond their original planned life of mine.”
Kimberlite, the igneous rock in which diamonds are found, from a De Beers mine. The company released its Q3 production figures this week, while Namdeb responded to media reports about possible mine closures in Namibia.
London--Namdeb, the partnership between De Beers and Namibia, issued a statement Wednesday indicating that it is weighing diamond mine closures in the country, as the next few years are expected to remain challenging due to “subdued” economic growth worldwide.
Namdeb released the statement after The Namibian Sun quoted a union official as saying that De Beers would close four land mining sites in Namibia by 2022: Elizabeth Bay (closing at the end of 2018), Daberas (end of 2019), Sendelingsdrift (2020) and Southern Coastal (2022).
Namdeb does a combination of land and off-shore mining. Earlier this year, it launched what it said was the world’s largest and most advanced diamond exploration vessel, the $157 million mv SS Nujoma.
In its statement issued Wednesday, Namdeb did not confirm any of the closures but noted that its satellite mining operations, Elizabeth Bay and Daberas Mines, are “well beyond their original planned life of mine.”
“We are constantly investigating new mining opportunities; however, it is equally important that we plan responsibly for the possible closure of operations that reach the end of their economic life span,” Namdeb said. “The closure of any operation is always a last resort, and we are doing everything to operate economically, which includes seeking alternative ways of creating value.”
Regarding Southern Coastal, which is Namdeb’s core mining asset, the company said it is working on a “robust” plan for the next five years, which includes a significant increase in production next year.
Namdeb’s statement was issued the day after De Beers’s parent company Anglo American plc reported that diamond production has increased so far this year amid stable trading conditions.
In the third quarter ended Sept. 30, De Beers’s production totaled 9.2 million carats, up 46 percent from Q3 2016. Year-to-date, the company has mined 25.3 million carats, up from 19.6 million carats at this point last year, a 29 percent increase.
The principal drivers behind the increase were Debswana, the mines in Botswana that De Beers operates in partnership with the government there, and the ramp-up of production at the Gahcho Kué mine in Canada, which opened in September 2016.
Anglo hired Mostyn as head of corporate finance in 2008, and he moved over to De Beers in 2012 as chief financial officer. He
also joined De Beers’s executive committee and its board.
He was promoted to his current role as executive head of strategy and corporate affairs last year.
Mostyn is leaving De Beers to become the chief finance and operations officer for the Church of England.
The company has not named a replacement.
He was promoted to his current role as executive head of strategy and corporate affairs last year.
Mostyn is leaving De Beers to become the chief finance and operations officer for the Church of England.
The company has not named a replacement.
More on Sourcing
The Latest
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
