Business & Finance
De Beers to Shutter South African Diamond Mine to Save Cash
Key Points
De Beers to Shutter South African Diamond Mine to Save Cash Diamond giant De Beers plans to halt production at its South African mine for two years, as the one-time monopoly continues to wrestle with one of the deepest crises to ever hit the industry. The $80 billion industry is under severe strain. What started as a post-pandemic slump worsened amid a pullback in Chinese luxury spending and the rising popularity of synthetic stones.
De Beers to Shutter South African Diamond Mine to Save Cash
Diamond giant De Beers plans to halt production at its South African mine for two years, as the one-time monopoly continues to wrestle with one of the deepest crises to ever hit the industry.
The $80 billion industry is under severe strain. What started as a post-pandemic slump worsened amid a pullback in Chinese luxury spending and the rising popularity of synthetic stones. Trade tensions and war in the Middle East have piled on even more pain.