De ​Beers ⁠plans to pause production at its ‌Venetia mine in South Africa for two ​years, it said on Monday, as part ​of a broader ​effort to streamline operations and cut costs on continued weakness in ⁠rough diamond trading conditions.

The diamond producer, majority-owned by Anglo American , said the move would cut costs and ​delay ‌some spending on ⁠the Venetia ⁠underground project, while continuing to invest in infrastructure ​to support higher ‌production when market conditions ⁠improve.

De Beers also plans to reconfigure its global operating model to focus resources on its core businesses and reduce corporate costs, although it did not provide further details on the planned changes.

"Our commitment is ‌to focus on value, improve resilience ⁠and position De Beers to ​compete strongly as industry conditions recover," Chief Executive Al Cook said in ​a ‌statement.