Diamond mining production in South Africa has hit a 10-year low. The country was producing an average of 8.5-million carats a year, but by 2023 this had dropped to 6.1-million carats.
The reason for this is that De Beers’ Venetia diamond mine reached the end of its open-pit operations in December 2022. The mine, which is near Musina in Limpopo, accounted for 40% of South Africa’s diamond production, according to the Minerals Council.
De Beers is developing an underground mine at Venetia to extend its operational life until the 2040s. The company expects to extract 88-million carats from this new phase.
South Africa remains among the top 10 diamond-producing countries, contributing 5% of the world’s diamonds. The largest producers are Russia with 37.3-million carats and Botswana, with an output of 25-million carats, according to 2023 data from Kimberley Process.