South Africa’s oldest mining company, De Beers, is advancing inclusivity within the local diamond sector, inviting entrepreneurs to join its local business development program.
Sponsored by Anglo American, this three-year initiative provides entrepreneurs with training and mentorship from industry leaders on diamond beneficiation, jewelry design, manufacturing, and retail.
Promising entrepreneurs may even qualify as De Beers sightholders—elite buyers eligible to purchase rough diamonds at global auctions.
The program, supported by business incubator Raizcorp, highlights De Beers’ commitment to growing South Africa’s diamond and jewelry sector as a crucial element of its beneficiation strategy.
“Our goal is to drive inclusivity and sustainability within South Africa’s diamond industry,” stated Richard Steenkamp, De Beers Sightholder Sales South Africa’s senior sales manager, emphasizing the company’s role in fostering entrepreneurial talent and innovation.
Amid challenging trading conditions, De Beers is evaluating ways to scale back production to manage high inventory levels, especially as demand in China remains low.
For now, full-year production guidance remains between 23 million and 26 million carats. However, recent sales from the combined seventh and eighth sales sights, recorded in Q4, reflect lower revenues due to reduced sales volumes and a 4% drop in average price per carat year-over-year.
Despite this, De Beers Jewellers saw steady growth in design-led jewelry, reinforcing the company’s commitment to innovation within the luxury segment.
