Sourcing

De Beers to Close Another Diamond Mine

SourcingAug 01, 2018

De Beers to Close Another Diamond Mine

It’s the Voorspoed mine in South Africa and its closure would leave De Beers with just one mine in the country.

2017_Voorspoed-Mine_copy.jpg
Workers at the Voorspoed Mine in Free State Province, South Africa. The mine will close by Dec. 31 unless the South African Department of Mineral Resources can find a suitable buyer in the next month, De Beers announced Wednesday.

Johannesburg, South Africa—De Beers Group said Wednesday it will move forward with previously announced plans to close the Voorspoed Mine, unless South Africa’s Department of Mineral Resources comes through on its last-ditch effort to save the mine and the 900-plus jobs it provides.

Voorspoed opened in 2008 and was projected to produce for approximately 10 years.

Last November, as the mine was nearing the end of its life, De Beers announced that it was looking for a buyer for Voorspoed.

Phillip Barton, the CEO of De Beers Consolidated Mines (the South African arm of De Beers Group), told MiningWeekly.com that though the company received 42 expressions of interest and ended up with a total of four final bids, none met the financial, technical and social criteria necessary to run the mine, and so the DBCM board voted to close it.

The plan is for Voorspoed to close by year’s end, though De Beers said it is “not opposed” to a proposal from the Department of Mineral Resources to give it until Aug. 31 to make its own effort to find a buyer for the mine.

Located in the Free State Province, Voorspoed is an open-pit diamond mine that provides employment for a total of 967 individuals: 407 permanent employees and 560 contractors.

If it closes, that will leave De Beers with just one diamond mine in South Africa, a nation that was once the center of the company’s diamond-mining empire and has produced some of the world’s most notable stones, including the 3,106-carat Cullinan Diamond, which remains the largest rough diamond ever found.  

The other De Beers South African mine is Venetia in the Limpopo Province. De Beers is currently investing $2 billion to take the mine underground and expand its operating life into the 2040s.

Voorspoed joins the growing list of mines closed by De Beers in the past few years, which includes the Kimberley Mines in South Africa, and the Snap Lake and Victor mines in Canada.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Mike Alexander
MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President

The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.

Signet Jewelers logo
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet Jewelers

The addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.

Hernsdorf Tears of Aphrodite Necklace
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ Necklace

The necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Lindsey Scoggins Studio convertible flower earrings
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award Winners

Jewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.

Weekly QuizJul 31, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Matthew Tratner, new president of Continental Buying Group
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President

Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.

Stock image of rough diamonds from the Kimberley mine
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says

The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Pomellato Mini London blue topaz and diamond bracelet
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%

The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.

Zadok Rolex Austin
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in Austin

Its opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.

Crowd of people in a shopping mall
SurveysJul 30, 2025
Consumer Confidence Ticks Up in July

Respondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”

Making a Killing in Diamonds by Rob Bates
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series

“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.

Tacori bezel-set diamond bands
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LA

Senior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.

Mighty Fierce Audacious Necklace, Sandy Rubin Aziza Necklace, Koulianos Designs Illuminations Shield Pendant
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New Designers

The first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.

Auctim emerald auction
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough Emeralds

The online auction house’s September sale will feature rough Brazilian emeralds of various qualities.

AGS Board President for 2025-2026 Alexis Padis
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President

She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.

Stock image of shipping containers
Policies & IssuesJul 28, 2025
U.S.-EU Come to Agreement on Tariffs

Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.

Nanis Ipanema Collection Campaign
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’

A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.

Kevin O’ Leary and George Mayer of The 1916 Company
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance Platform

The retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.

Sissy’s new Little Rock store
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas

The jeweler’s largest store yet is set to open in Little Rock next fall.

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy