ORAPA, Botswana—De Beers is facing up to a tough reality: The world’s diamond deposits won’t last forever.
The mining behemoth, a unit of Anglo American PLC, is rewriting its century-old playbook as discoveries of new diamond troves grow scarce and its aging mines become more costly to operate. Global diamond production is falling, companies and analysts say, pushing De Beers to make investments and strategic changes that were almost unthinkable a few years ago.
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