De Beers, South Africa’s oldest mining company, is championing inclusivity in the diamond industry through a new business development program. This three-year initiative invites entrepreneurs to receive training and mentorship in diamond beneficiation, jewellery design, manufacturing, and retailing, aiming to elevate local talent. Successful participants may even become De Beers sightholders, purchasing rough diamonds at auctions.
In partnership with Raizcorp, this program is part of De Beers’ broader strategy to transform the local diamond sector while contributing to the South African economy. The initiative aims to empower entrepreneurs with essential skills for building sustainable businesses.
Despite these positive developments, De Beers is also assessing production levels due to high inventory in the midstream market and sluggish consumer demand, particularly in China. The company maintains its full-year production guidance of 23 to 26 million carats. Recent rough diamond sales have seen a significant decline, with only 2.1 million carats sold in the third quarter, generating $213 million in revenue, compared to higher volumes and revenues in previous quarters.