1.22 carat diamond in Arkansas park
More Diamonds on the Tennis Court

Kimberley finds diamonds are not forever

Kimberley's diamonds once drew prospectors from all over the world, but the end of underground mining in the remote Northern Cape Town has left some wondering how it will survive without them.

Hundreds of workers still descend more than 0.5km underground at the town's three mines before dawn, but only for essential maintenance. Production has stopped and although consultation with workers continues, gem giant De Beers says it doubts mining will ever restart.

"We are moving towards the final cessation of underground operations," said David Noko, the De Beers Kimberley operations manager. "It has hit morale. Shock, frustration, anxiety - there are all of these things."

Diamond prices have risen some 5% in the last year, fuelled mainly by demand from newly-rich middle-class Chinese and Indian customers. However, the firm says the mines that once produced most of the world's gems are simply too exhausted and expensive to run profitably.

Read the rest of the story at https://www.sabcnews.com/economy/business/0,2172,111449,00.html

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name is required. Email address will not be displayed with the comment.)