Excavation work for the US$2 billion underground extension of the Venetia mine in South Africa got under way in 2013, the year De Beers celebrated its 125th anniversary. The new underground mine is the biggest single investment in the country’s diamond industry in decades and is scheduled to begin production in 2022, climbing to full production in 2025. Over the course of its life, the underground mine will treat about 132 million tonnes of material containing an estimated 100 million carats. It is a new stage in the development of Venetia mine, which is the country’s largest producer of diamonds, extending its life to 2046.