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Petra to Postpone Debt Repayment
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Petra Diamonds plans to delay the next interest payment on its $650 million bond to preserve liquidity for business operations.The miner has spoken to its lenders about drawing on its revolving credit facility, it said Friday....
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Mining
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May 03, 2020
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Rapaport News
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Heavy Debt Looms over Mining Shutdown
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A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.The warning comes after several miners announced...
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Mining
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Apr 23, 2020
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Leah Meirovich
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Petra Sees Rough Prices Drop 27%
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Rough prices slumped at Petra Diamonds’ March tenders as buyers sought discounts due to the slowdown in the market caused by the COVID-19 pandemic.Goods from Petra’s South African mines sold for 27% less than in February...
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Mining
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Apr 12, 2020
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Rapaport News
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Rough Prices Slide 24% at Petra Tender
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Rough prices slumped at Petra Diamonds’ March tenders in South Africa and Antwerp as the severe slowdown in the market virtually wiped out demand.Goods from Petra’s South Africa mines sold for 24% less than...
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Mining
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Mar 29, 2020
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Rapaport News
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South Africa, Lesotho Mines Set for Shutdown
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Petra Diamonds, Gem Diamonds, Firestone Diamonds and Lucapa Diamond Company are suspending operations at their mines in South Africa and Lesotho due to government measures to curb the spread of the coronavirus.South Africa has introduced...
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Mining
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Mar 25, 2020
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Rapaport News
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Production Continues as Miners Fight Virus Impact
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Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had...
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Mining
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Mar 19, 2020
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Leah Meirovich
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Challenging Market Weighs on Petra
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Shares in Petra Diamonds slipped 16% in early trading Monday after the miner reported a net loss for the first fiscal half, and warned of operational problems that could affect annual production.The company reported...
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Mining
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Feb 17, 2020
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Rapaport News
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Petra Revenue Drops as Prices Weaken
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Petra Diamonds’ shares fell 11% in early trading Monday after the miner reported a slide in revenue resulting from weak rough prices.Revenue fell 6% to $193.9 million in the first fiscal half ending December 31, while...
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Mining
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Jan 27, 2020
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Rapaport News
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Diamonds That Created a Buzz in 2019
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It was another big year for big diamonds, with several stones that raked in big bucks, set records, or otherwise made headlines. These were the stones that caught our attention in 2019.Biggest money makers1....
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Polished Markets
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Dec 31, 2019
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Leah Meirovich
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Petra Names New Chairman
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Petra Diamonds has appointed Peter Hill as non-executivechairman, succeeding company founder Adonis Pouroulis, who is stepping down,the company said Tuesday. Hill is currently non-executive chairman of geotechnicalcontractor Keller Group and of building-products company Volution Group....
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Mining
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Dec 17, 2019
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Rapaport News
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Petra’s South African Operations Back on Track
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Operations at Petra Diamonds’ South African mines haveresumed after the local electricity provider lifted restrictions on power usage. “The company’s mining operations in South Africa are…nowoperating at normal load levels,” the miner said Thursday....
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Mining
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Dec 12, 2019
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Rapaport News
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Petra Forced to Halt Production in South Africa
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Petra Diamonds has had to put operations on hold at itsthree South African mines, due to a restriction on power usage enforced by the local electricity provider. Eskom has told the miner to limit its power usage to “essential...
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Mining
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Dec 10, 2019
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Rapaport News
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Petra Launches Artisanal Mining at South Africa Site
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Petra Diamonds has launched a small-scale mining initiativeat its Koffiefontein deposit that will provide work for the local South Africancommunity. The miner will give some of its tailings — ore thathas already been...
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Mining
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Oct 31, 2019
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Rapaport News
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Petra Evacuates Cullinan After Wall Collapse
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Three million tonnes of material fell into the open pit of Petra Diamonds’ Cullinanmine in South Africa during a thunderstorm Saturday, the companysaid Wednesday. The collapse generated alarge plume of dust, which had “some effect...
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Mining
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Oct 30, 2019
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Rapaport News
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Christie’s, De Beers Partner on London Exhibition
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Christie’swill collaborate with De Beers to stage a museum-quality exhibition in London aimed ateducating the public about the science of diamonds, the auction house said. Thefive-day event, focused on fancy-color diamonds as well as rare rocks andminerals, will...
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Polished Markets
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Oct 24, 2019
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Rapaport News
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Weak Prices Dent Petra Revenue
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Petra Diamonds’ revenue fell in the first fiscal quarteramid a drop in the average price and a weaker product mix at three of itsmines. Revenue dropped 23% year on year to $61.6 million for thethree months ending September...
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Mining
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Oct 23, 2019
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Rapaport News
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Cullinan Blue Could Fetch $15M, Analysts Say
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Petra Diamonds will offer a 20.08-carat blue diamond at aspecial tender in Johannesburg next month, with analysts predicting the rough couldattract $15 million.The miner recovered the type IIb, “exceptional” gem-qualitystone at its Cullinan deposit...
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Rough Markets
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Oct 07, 2019
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Rapaport News
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Petra Recovers 20ct. Blue Diamond
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Petra Diamonds has unearthed a blue diamond weighing 20.08 carats atits Cullinan mine in South Africa, it said Monday. The type IIb stone comes from the same mine that producedthe 3,106-carat Cullinan diamond...
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Mining
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Sep 24, 2019
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Rapaport News
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Petra’s Loss Widens in Weak Market
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Shares in Petra Diamonds slipped 7% in early trading Mondayafter the miner reported its loss had broadened due to a devaluation of itsfour deposits. The company reported a net loss of $258.1 million for theperiod ending June 30,...
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Mining
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Sep 16, 2019
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Rapaport News
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Opinion: An Urgent Call to Invest in Marketing
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The diamond industry must significantly increase its marketing spend to ensure the trade’s longevity. This need is highlighted by the difficult conditions the sector has endured over the past few years.Recent challenges have...
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Marketing
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Sep 09, 2019
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Shashin Choksi & Siddharth Choksi
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