De Beers halts work at flagship South African diamond mine as demand plummets
Diamond giant De Beers has halted work at its flagship South African mine as demand for diamonds plummets. Production will stop for two years at the mine, which employs more than 4,000 people.
De Beers, one of the world's leading diamond companies, announced it is halting production at its flagship South African mine. The decision follows a sharp decline in global demand for diamonds.
Production at the mine will be suspended for two years. The facility directly employs more than 4,000 people and is a major employer for the local economy, and how the decision will affect surrounding communities is being closely watched.
The diamond industry has been under pressure in recent years from the rise of lab-grown diamonds and shifting consumer spending patterns. De Beers' move is being seen as a sign of a broader restructuring under way across the sector.
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