De Beers, the historic diamond company founded in 1871, has suspended operations at its Venetia mine in South Africa as a sharp drop in global diamond demand forces the industry to scale back. The company plans to use the two-year production pause to upgrade infrastructure and expand capacity, preparing for a potential market recovery. The halt comes as rough diamond prices have nearly halved since 2022, driven by the rise of cheaper lab-grown alternatives and shifting consumer attitudes, and raises concerns for South Africa's mining sector, which employs close to half a million people and contributes over 4% of national GDP.