Because of a flood of diamonds from Russia and diamond "leaks" outside Angola's contract with the cartel, De Beers imposed quotas on producers and is operating its newest mine below capacity. Venetia came into production in July 1992 at a cost of $400 million. It gives De Beers direct control over more than 50% of the world's gem diamond output and a powerful negotiating position within the cartel. The mine employs fewer people than in the past because of highly automated processing and fewer overseers. It busses in workers from their home towns for 12-hour shifts instead of using migrant workers.
Because of a flood of diamonds from Angola and diamond "leaks" outside Russia's contract with the cartel, De Beers imposed quotas on producers and is operating its newest mine below capacity. Venetia came into production in July 1992 at a cost of $400 million. It gives De Beers direct control over more than 50% of the world's gem diamond output and a powerful negotiating position within the cartel. The mine employs fewer people than in the past because of highly automated processing and fewer overseers. It busses in workers from their home towns for 12-hour shifts instead of using migrant workers.