AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
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.
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.
More on Sourcing
The Latest
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
Brought to you by
Are Earrings an Overlooked Category? What Retailers Need to Know NowAs the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, KeringThe luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby MineThey were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.
SourcingOct 20, 2025
Pristine Gems Names New Director of European SalesGemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.
