The De Beers Venetia Mine, situated north of the Soutpansberg, launched the construction phase of the development of an underground project on Tuesday at the site. The company invested R20 billion towards turning the current open-site mine into an underground mine by 2021.

Anglo-American PLC's CEO and De Beers Group's chairman Mark Cutifani said that a huge workforce of skilled women and men would make the job possible. “In 2016, when the lateral development work begins beneath our feet, there will be an exciting hive of activity – designed with optimum safety in mind,” Cutifani said.

He said that De Beers would also continue to enrich and help the local communities, by providing employment and bursaries, building houses and developing the youth. According to Cutifani, first diamonds will be produced in 2021 and the mining production is set to continue into the 2040s.

Some of the dignitaries who attended the event included Pres Jacob Zuma, Min Susan Shabangu (Mineral Resources), Premier Stanley Mathabatha and the British High Commissioner in South Africa, Ms Judith Macgregor.

Zuma said that the launch of the underground project marked an important milestone in the development of the diamond industry and the country's mining sector. “The mining sector remains the cornerstone of the economy, due to the number of direct and indirect jobs, its export earnings and other benefits,” said Zuma. “Estimates suggest that our mineral resources will be exploitable for over a century to come.”

He called De Beers' R20 billion investment in the diamond industry the "biggest single investment in the diamond industry in decades". “[This] signals that indeed our mining sector is poised for growth, and that it has a bright future,” he stated.

He reminded the guests that South Africa has been exporting diamonds for over a century and has not developed the local diamond-cutting and jewellery-polishing industries. “We have therefore not been reaping the full benefits of our commodities,” he said.

"We have thus identified jewellery manufacturing as a priority area. Min Shabangu will be hosting the first Jewellery Forum this week (Wednesday), which should generate the ideas that will help take the process further.”

Zuma invited foreign investors to invest in South African business. “South Africa is open for both domestic and foreign investment,” he said.

Zuma pointed out that the Marikana tragedy last year reminded the government and mining companies of the need to deepen longstanding work directed towards improving the lives of mineworkers and surrounding communities. "In terms of the Mining Charter, mining companies are required to improve housing and living conditions of workers," he said.

He further highlighted that the Mapungubwe World Heritage Site and the buffer zone are legally protected. “Considerate care must be taken to prevent any possible harmful effects to the area through mining,” he cautioned. He then added that the change of the mining method from open-site to underground would ensure that the heritage site was not endangered. De Beers also announced the President JG Zuma Bursary Scheme, which will award a full bursary to a deserving student annually.