Pain for iconic 138-year-old South African company

• De Beers has seen its earnings from diamonds in South Africa drop by roughly R83 million, despite increasing production in the country.
• The company's losses are attributed to decreased global demand for diamonds due to rising living costs and the increasing popularity of synthetic diamonds.
• De Beers has been forced to alter its mining operations in South Africa, including a temporary production pause at the Venetia mine, in an effort to prevent an oversupply of diamonds and maintain the luxury item's scarcity.