EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
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
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
GradingJun 03, 2026
GIA’s Tracr Investment Is First Step Toward Industry-Owned PlatformThe Gemological Institute of America is now a 30 percent stakeholder in Tracr, the De Beers-backed blockchain for diamonds.
WatchesJun 03, 2026
The 1916 Company Taking Pre-Owned Rolexes on the Road, AgainThe retailer is bringing Rolex Certified Pre-Owned watches to five U.S. cities in 2026 for collectors to see, try on, and purchase.
IndependentsJun 03, 2026
Jessica Alba Is the New Face of Gabriel & Co.The actress and entrepreneur stars in the jeweler’s new campaign that celebrates life’s quiet moments.
TrendsJun 03, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
FinancialsJun 02, 2026
Signet Jewelers’ Q1 Sales Up 2% As It Focuses on ‘Core Four’ The jewelry retailer is zeroing in on Zales, Jared, Kay Jewelers, and Blue Nile as it looks to create unique brand identities for each.
SourcingJun 02, 2026
Leader Appointed for Botswana’s Diamonds for Development Fund Dr. Akinwumi Adesina, a development economist, will head the fund created to help Botswana diversify its economy.
WatchesJun 02, 2026
Watch Industry Veteran James Marks Joins Sotheby’sSotheby’s has appointed the former Phillips executive as its global head of private sales and retail in its watches division.
AuctionsJun 02, 2026
Sotheby’s to Auction 10-Carat Blue Diamond, 1960s Harry Winston Necklace A private collection of five Paraíba tourmalines also will be up for sale at Sotheby’s High Jewelry auction in New York, scheduled for June 16.
IndependentsJun 02, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
