As diamond prices continue to climb, De Beers is considering extending the life of its Voorspoed diamond mine in South Africa beyond what is currently planned, Bloomberg reports.

Voorspoed Manager Mpumi Zikalala said last week that the company had planned to expand Voorspoed's production life until 2020, and was now studying the possibility of extending it until 2026 or even 2028. Zikalala said that no cost estimates for the project were available yet.

According to Bloomberg, the Voorspoed diamond mine is one of De Beers' smallest diamond projects in South Africa – comprising an output of 732,000 carats of rough diamonds in 2010 and expected to produce about 800,000 carats this year - but produces high-value stones, included coveted pink diamonds.