Quick answer: De Beers has paused Venetia, South Africa’s biggest diamond mine, and expects no more South African production in 2026. De Beers itself is up for sale. Large, top-quality natural diamonds are now in short supply and strongly priced, so if that’s what you want, don’t wait. Everyday stones in lower to mid grades are in plentiful supply, so there’s no need to rush. Buy the right stone, not the headline.
👉 Seen the headlines and not sure what to do? WhatsApp me and I’ll tell you straight
Over the last few weeks I’ve heard the same question again and again: “Are the mines closing? Should we buy now, before prices go up?” Most of the people asking are planning a December proposal. Here’s what actually happened, what I’m seeing at our counter, and what I’d do in your shoes.
The short answer
Prices are steadying, not spiking, so buy for the right stone, not because of a news story. The exception is large, special, high-quality diamonds. For those I’m seeing a real shortage, and I don’t think the prices will stay where they are for long. The lower to mid grades most engagement rings use are in plentiful supply, and there’s no need to rush.
What actually happened?
Venetia’s pause: no SA production for the rest of 2026
Venetia, in Limpopo, is De Beers’ only South African mine and produces about 40% of the country’s diamonds (The South African, 2 Nov 2026). In July, De Beers announced a two-year production pause at Venetia to cut costs (same source). Its third-quarter report on 20 October 2026 says South African output fell 37% year on year to 418,000 carats, and that no more South African production is expected in 2026 (De Beers Q3 2026 production report). About 1,134 jobs are at risk (The South African, 2 Nov 2026).
The De Beers sale: why it isn’t signed yet
De Beers is being sold, but as of 2 November 2026 the deal isn’t signed, and the Global Diamond Consortium is still negotiating (Rapaport, 2 Nov 2026; The South African, 2 Nov 2026). A change of owner won’t change the price of the diamond on your finger tomorrow.
The government task team
On 26 October 2026, Minister Mantashe set up a task team to help struggling diamond producers (SABC, 26 Oct 2026; see also the parliamentary reply NW5094, 23 Oct 2026).
Will natural diamond prices go up?
Nobody can honestly promise you a rise, and I won’t. The trade numbers show prices steadying, not spiking.
Small stones vs 1ct vs bigger stones
- Small stones (0.30–0.69ct): Rapaport describes polished prices here as “a little flat” (2 Nov 2026). UNI’s Q3 report shows 0.30ct and 0.50ct prices up (UNI Q3 2026).
- 1ct: According to UNI, 1ct prices have stopped falling, and its natural index rose about 3% in Q3.
- Rough: De Beers held rough prices at its October sale (Rapaport, 2 Nov 2026). Its average rough price index is 18% lower than last year (De Beers Q3 2026), so the market is finding its feet, not running away.
Big, top-quality stones vs everyday sizes
This is where the market splits. On 5 October 2026, Mining Weekly quoted Barrick’s Mark Bristow as saying there’s “an uptick in diamond prices, particularly for better quality diamonds” (Mining Weekly). That matches what I see at the counter:
“Large, good-quality diamonds are in high demand right now and demanding strong pricing, and there’s a real shortage in the market. For the big, special, investment-type diamonds, I don’t think these prices will be like this for long. The shutdown of mines and factories is causing a real shortage like I haven’t seen before. For lower to mid range grades there’s no rush to buy. The market has no shortage of those at the moment.” — Marten Cross, Diamanteer
That’s my view from the counter. It isn’t a forecast or a promise of returns.
To be clear, this isn’t investment advice. I’d always rather you buy a diamond because you love it and it’s fair value. For the longer view, see my older guide to investing in diamonds.
PRIVATE APPOINTMENT
Seen the headlines? Come and compare stones side by side.
15th Floor, Standard Bank South Towers, 13 Hertzog Blvd, Foreshore, Cape Town. Mon–Fri 09:00–16:00. Order custom rings by 20 November for December.
Book a showroom visit
or call 021 001 3540 · WhatsApp 082 489 1264
Buy now or wait for the festive season?
- Large, top-quality stones: These are in short supply and strongly priced. If that’s what you want, I wouldn’t wait.
- Lower to mid grades: Supply is plentiful. Take your time and choose well, and buy when you’ve found the right one.
- Timing: To have a custom ring finished before December, order by 20 November. See our December proposal timeline.
- Holiday hours: We’re open until 22 December for finished pieces, loose stones, and orders for delivery in the new year. We reopen on 4 January 2027.
- Not sure of her ring size? No stress. We can resize the ring after the proposal.
What this means at our counter
We buy South African rough and cut and polish it ourselves. Our stones are GIA and EGL certified, and our partner jewellery workshop here in Cape Town makes the rings, with more than fifty years of Cross family craft behind them, at factory-direct prices.
Curious where our stones come from? Read are your diamonds ethically sourced?
Where the value really is
The headlines won’t save you money, but how you buy will:
- Cut first. A well-cut stone looks bigger and brighter than a heavier stone with a poor cut.
- Eye-clean SI1–SI2. Many SI stones look clean on the hand. Not every SI is eye-clean, so we check every one with you at the counter.
- A 0.90 instead of a 1.00. The price jumps at the full carat, but a stone just under it looks the same on the hand.
- My sweet spot: a 1ct fancy shape in J–M colour. Once set, a fancy shape in a warmer colour faces up white.
What a budget buys
These are our own stock prices on 26 October 2026 (stone medians, VAT included), plus current setting estimates. Our engagement ring cost guide has the full detail.
| Centre stone | Stone median (VAT incl.) | Ring with 18ct (~R14,200) | Ring with platinum (~R16,000) |
|---|---|---|---|
| ~0.5ct | R6,250 | about R20,450 | about R22,250 |
| ~0.7ct | R13,650 | about R27,850 | about R29,650 |
| ~1ct | R45,800 | about R60,000 | about R61,800 |
| Metal | Setting only (VAT incl.) |
|---|---|
| 9ct gold | ~R7,000 |
| 14ct gold | ~R10,500 |
| 18ct gold | ~R14,200 |
| Platinum | ~R16,000 |
The final price depends on the design. Stock changes daily, so check the loose diamonds page.
Paying for it
We don’t do lay-by. You pay a deposit, then the balance on completion, with up to 3 months to pay (how our deposit plan works). Prices include VAT.
👉 Want to see a few stones in your budget? WhatsApp us and we’ll put some aside
What about lab-grown?
Lab-grown diamonds are real diamonds made a different way, and mine news doesn’t affect them. We don’t stock lab-grown, but we’ll source it for you at great pricing. Our 1-carat lab-grown vs natural price guide explains the difference honestly, and our GIA vs IGI guide explains the certificates.
Frequently asked questions
Are diamond mines closing in South Africa?
De Beers has paused its Venetia mine in Limpopo, which produces about 40% of South Africa’s diamonds, and expects no more South African production in 2026. It’s a pause in production, not the end of natural diamonds for sale.
Will natural diamond prices go up because of the Venetia pause?
Nobody can promise that. Everyday sizes are steady: 1ct prices have stopped falling, and smaller stones are flat to slightly up. Large, high-quality stones are scarce and strongly priced, and I don’t expect those prices to stay where they are for long.
Does the De Beers sale change what I’ll pay for an engagement ring?
Not right now. As of 2 November 2026 the sale isn’t signed, and De Beers held its rough prices in October. What you pay depends on the stone you choose and how you buy it.
Is now a good time to buy a natural diamond engagement ring in South Africa?
If you want a large, top-quality stone, I wouldn’t wait. For lower to mid grades there’s plenty of supply, so buy when you’ve found the right stone, without rushing.
Are natural diamonds becoming rarer?
At the source, yes. Mine and factory shutdowns are tightening supply, especially of large, fine stones.
When must I order to have my ring before the holidays?
Order custom rings by 20 November. We’re open until 22 December for finished pieces, loose stones, and orders for delivery in the new year, and we reopen on 4 January 2027.
Can the ring be resized after the proposal?
Yes. If the size isn’t quite right, we resize it after the proposal.
Come and see us
Buy right, not in a panic. Come and compare stones side by side, and I’ll tell you honestly what I’d buy.
Visit us on the 15th Floor, Standard Bank South Towers, 13 Hertzog Blvd, Foreshore, Cape Town, Monday to Friday, 09:00–16:00. Book a showroom visit or call 021 001 3540.
👉 Ready to choose? WhatsApp us now
PRIVATE APPOINTMENT
Buy right, not in a panic.
Visit us on the 15th Floor, Standard Bank South Towers, 13 Hertzog Blvd, Foreshore, Cape Town. Mon–Fri 09:00–16:00. Open until 22 December, back on 4 January 2027.
Book a showroom visit
or call 021 001 3540 · WhatsApp 082 489 1264
Sources: De Beers Q3 2026, 20 Oct · The South African, 2 Nov · Rapaport, 2 Nov · SABC, 26 Oct · PMG NW5094, 23 Oct · UNI Q3 2026 · Mining Weekly, 5 Oct
