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Petra 299ct 140
Petra Rough Prices Rise to Pre-Pandemic Levels
Rough-diamond prices at Petra Diamonds’ January tender rose 8% on a like-for-like basis, returning to levels seen before Covid-19, the miner said Tuesday.The tender included about 382,000 carats of rough mined during the first fiscal half...
Mining Jan 19, 2021 Rapaport News
Petra Diamonds Williamson mine
NGO Warns Petra Lenders About Abuse Claims
Rights and Accountability in Development (RAID), a UK-based nonprofit, has written to Petra Diamonds’ major debt holders to raise concerns about alleged human-rights abuses at its Williamson mine in Tanzania.RAID claims to have documented at least seven deaths...
Mining Jan 17, 2021 Rapaport News
RRR Jan 2021 cover image
Were Diamond Companies Worth the Investment?
What parameters would one use to assess a company’s performance? For our analysis, sales provide the best indication of how a business is doing. Taking that a step further, revenue generated across a group of companies within a sector...
Research Jan 14, 2021 Avi Krawitz
Letlapa Tala Petra new 140
The Most Buzzworthy Diamonds of 2020
Amid a challenging year for the industry, diamonds proved the coronavirus pandemic couldn’t dampen their appeal. Several stones made headlines, set records, exceeded expectations, or simply showed their sellers the money. Most...
Polished Markets Dec 30, 2020 Leah Meirovich
Petra De Beers Blue Diamonds 150
De Beers Buys Petra Blue Diamonds for $40M
De Beers has purchased five rough blue diamonds from Petra Diamonds for more than $40 million in partnership with one of its sightholders.The miner bought the Letlapa Tala collection together with South African...
Mining Nov 25, 2020 Rapaport News
Petra Diamonds Finsch mine conveyor belt
Petra in the Red as Mines Lose Value
Petra Diamonds saw heavy losses in the latest fiscal year as sales slid and weakening rough prices reduced the value of its mines.The net loss of $223 million for the 12 months ending June 30 included...
Mining Nov 17, 2020 Rapaport News
Williamson processing plant mine Petra
Petra Launches Probe into Violence Claims
Petra Diamonds is investigating allegations that security guards at its Williamson deposit in Tanzania carried out deadly violence against local artisanal miners.At least seven deaths and 41 assaults have taken place at the Williamson mine...
Mining Nov 12, 2020 Rapaport News
Letseng diamonds
Letšeng Prices Exceed Pre-Pandemic Levels
Gem Diamonds’ sales rose sharply in the third quarter as rough prices from its lucrative Letšeng mine in Lesotho topped pre-coronavirus levels amid a recovery in the large-stone market.Revenue grew to $60.5 million in the three months...
Rough Markets Oct 28, 2020 Rapaport News
Petra Finsch 150
Petra Sales Rise as Rough Prices Recover
Petra Diamonds’ revenue jumped in the three months ending September 30 as rough prices grew and the company sold inventory it couldn’t shift during the peak of the Covid-19 crisis.Sales rose 33% year on year to $82...
Mining Oct 27, 2020 Rapaport News
Petra Blues 150
Petra to Offer Collection of Blue Diamonds at Tender
Petra Diamonds plans to hold a special tender of five blue diamonds it recovered from the Cullinan mine in South Africa last month.The sale of the Letlapa Tala collection, which means “blue rock” in the northern Sotho...
Mining Oct 21, 2020 Rapaport News
Petra restructure 150
Petra Lenders Take Majority Control of Company
Petra Diamonds has called off its formal sales process, as its lenders have acquired majority ownership in the company in exchange for writing off sizeable debts.The groups reached the agreement following discussions on a long-term...
Mining Oct 20, 2020 Leah Meirovich
Petra Finsch 150
Petra Fends Off Strike with Wage Agreement
Petra Diamonds has resolved its contract issues with South African workers following a strike threat stemming from a failure to reach a pay agreement.The miner has signed a one-year deal with employees who are members...
Mining Oct 07, 2020 Rapaport News
NUM 150
De Beers, Petra Workers Prepare to Strike
Workers at De Beers’ and Petra Diamonds’ operations in South Africa are planning to go on strike after the parties failed to reach an agreement in their respective wage talks.Members of the National Union of Mineworkers (NUM) will begin a “protected strike”...
Mining Oct 04, 2020 Rapaport News
Petra blue diamonds 150
Petra Recovers High-Quality Blue Diamonds
Petra Diamonds has unearthed five high-quality, blue, type IIb diamonds from its Cullinan mine in South Africa in the span of one week, it said Wednesday.The stones, which weigh 25.75, 21.25, 17.57, 11.42 and...
Mining Sep 16, 2020 Rapaport News
Williamson
Petra Faces Claims of Human-Rights Abuses
Petra Diamonds has received allegations of human-rights abuses at its Williamson mine in Tanzania, including claims of killings and on-site violence.Security guards at Williamson shot or seriously beat people at the mine, causing deaths and serious injuries,...
Mining Sep 10, 2020 Rapaport News
Rough diamond
Indian E-Tax ‘Doesn’t Apply to Rough Sales’
Rough trading does not incur India’s new e-commerce tax, the country’s Gem and Jewellery Export Promotion Council (GJEPC) confirmed after meeting with finance minister Nirmala Sitharaman.India introduced the equalization levy...
Financial-Legal Aug 27, 2020 Rapaport News
Petra Diamonds Petra 424.89 carat and 209 carat
Petra Diamonds Adds 2% Levy for Indian Clients
Petra Diamonds will charge Indian customers an additional 2% to cover a new e-commerce tax that might apply to the miner’s rough sales.India introduced the equalization levy on April 1, taxing all overseas e-commerce operators’ sales of goods...
Rough Markets Aug 26, 2020 Joshua Freedman
Mining Ekati 150
Mining Sell-Off Highlights Sector’s Woes
Just as the sun emerged from behind the clouds and diamond demand began to recover from a glut in the manufacturing sector, the coronavirus pandemic hit. Its rapid spread forced many miners to shut down...
Mining Aug 06, 2020 Leah Meirovich
The new Cullinan plan
Petra Revenue Falls to Nine-Year Low
Petra Diamonds’ full-year sales dropped to their lowest level in almost a decade as the coronavirus aggravated an already weak rough market.Revenue fell 36% to $295.8 million in the fiscal year ending June 30, reflecting sluggish rough...
Mining Jul 26, 2020 Rapaport News
Rough diamonds
Petra Sells Botswana Business for $300K
Petra Diamonds has sold three exploration projects to Botswana Diamonds for $300,000, the mining companies announced Monday.The transaction includes Petra’s KX36 project, a kimberlite in Botswana the miner discovered in 2010, as well as two other...
Rough Markets Jul 21, 2020 Rapaport News
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