Can De Beers make diamonds forever again?
So … diamonds are forever, you say. Are we sure about that? The diamond market has, over the past few years, seen a cataclysmic shift that threatens its foundations to the core…
Petra Diamonds secures R300m loan amid Finsch rescue
PETRA Diamonds said it had secured R300m from a senior lender for working capital while it finalised business rescue for its currently suspended Finsch mine. Commenting in the…
Why De Beers opted to shut Venetia diamond mine
DE Beers is preparing to shutter South Africa’s largest diamond mine for two years, threatening thousands of jobs and removing roughly two-fifths of the country’s diamond…
Amid the gloom, De Beers sees glimmer of hope
SHOPPING for platinum jewellery, especially of the bridal variety, has become more expensive in the past year thanks to the 35% improvement in the metal’s price. But for a good…
Petra Diamonds puts Finsch mine into business rescue
THE continuing grim conditions in the global diamond business have claimed another South African victim in the form of Petra Diamond’s Finsch mine in the Northern Cape which is…
A crisis forever? How diamond miners are digging in
THE impending liquidation of Ekapa Mining following a deadly mudslide last month brings the curtain down on roughly 150 years of diamond mining in Kimberley, where the junior…
Petra Diamonds warns rand strength a “major headwind”
PETRA Diamonds continues to leak cash as “subdued” market prices were made worse by a strengthening of the rand against the dollar – identified by the miner as a fresh headwind.…
Petra Diamonds launches $25m rights offer
PETRA Diamonds today launched its previously announced £18.8m ($25m) rights offer which forms a key part of steps aimed at keeping the company afloat amid a major slump in…
Petra Diamonds survives after securing deal with lenders
PETRA Diamonds on Friday announced it had agreed with noteholders and lenders to refinance the company – an emergency measure that will also involve a $25m rights issue. Shares…
Gem Diamond execs take pay cut as firm unveils restructure
GEM Diamonds is the latest diamond miner to announce restructuring plans owing to a prolonged trough in prices for the luxury product. The UK-listed miner said in a trading…
Diamond prices may recover in nick of time for stricken Petra
PRICES for high-value diamonds have increased 10% this year, a promising development for miners of the precious stones who have been under the cosh since at least 2022 amid poor…
Petra Diamonds abandons ‘regular tender cycles’
PETRA Diamonds has abandoned regular diamond tenders in favour of opportunistic sales as the market for unpolished goods continues to struggle. Commenting in a sales update for…
Lucapa Diamonds forced into administration as cash dwindles
LUCAPA Diamond’s current management has succumbed to years of poor diamond prices announcing on Friday administrators had been appointed to save the company. KordaMentha…
Petra Diamonds hits all-time low as cash burn continues
PETRA Diamonds is to begin discussions with financiers on refinancing a $273m bond that matures in March next year amid scepticism that the company will survive the event. The…
Petra Diamonds concludes exit from Williamson mine
PETRA Diamonds has exited Tanzania’s Willliamson (WDL) mine saying on Wednesday an agreement to sell its remaining 31.5% stake had been concluded. “We would like to thank the…
US tariffs force diamond sales delays in further financial blow to Petra Diamonds
Petra Diamonds has postponed the sale of about 200,000 carats of diamonds produced from its Cullinan mine near Pretoria because of the “considerable diamond market uncertainty…
Lucara upbeat on stabilised diamond market
LUCARA Diamond Corp. CEO William Lamb took an upbeat view of the diamond market saying it had probably bottomed out in the fourth quarter while producer price cuts would spur a…
Petra Diamonds CEO Richard Duffy resigns amid debt crunch
PETRA Diamonds today announced the resignation of its CEO Richard Duffy ending nearly six – largely difficult – years at the company blighted by poor trading conditions which has…
Petra defers refinancing as diamond prices slide yet again
PETRA Diamonds has embarked on a fresh round of restructuring at its South African mines and has deferred a refinancing plan to this year. This follows the results from its third…
Petra manipulates diamond sales mix to improve prices at the cost of rising debt
Petra Diamonds increased overall average diamond prices by 13% for the first two tenders of its financial year to June 2025 by manipulating its offered product mix through…