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Petra Rough Prices Rise to Pre-Pandemic Levels
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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...
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Mining
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Jan 19, 2021
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Rapaport News
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NGO Warns Petra Lenders About Abuse Claims
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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...
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Mining
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Jan 17, 2021
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Rapaport News
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De Beers Buys Petra Blue Diamonds for $40M
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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...
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Mining
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Nov 25, 2020
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Rapaport News
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Petra in the Red as Mines Lose Value
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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...
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Mining
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Nov 17, 2020
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Rapaport News
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Petra Launches Probe into Violence Claims
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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...
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Mining
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Nov 12, 2020
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Rapaport News
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Petra Sales Rise as Rough Prices Recover
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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...
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Mining
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Oct 27, 2020
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Rapaport News
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Petra to Offer Collection of Blue Diamonds at Tender
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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...
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Mining
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Oct 21, 2020
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Rapaport News
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Petra Lenders Take Majority Control of Company
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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...
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Mining
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Oct 20, 2020
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Leah Meirovich
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Petra Fends Off Strike with Wage Agreement
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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...
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Mining
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Oct 07, 2020
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Rapaport News
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De Beers, Petra Workers Prepare to Strike
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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”...
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Mining
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Oct 04, 2020
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Rapaport News
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Petra Recovers High-Quality Blue Diamonds
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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...
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Mining
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Sep 16, 2020
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Rapaport News
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Petra Faces Claims of Human-Rights Abuses
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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,...
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Mining
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Sep 10, 2020
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Rapaport News
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Indian E-Tax ‘Doesn’t Apply to Rough Sales’
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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...
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Financial-Legal
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Aug 27, 2020
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Rapaport News
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Petra Diamonds Adds 2% Levy for Indian Clients
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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...
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Rough Markets
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Aug 26, 2020
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Joshua Freedman
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Petra Revenue Falls to Nine-Year Low
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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...
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Mining
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Jul 26, 2020
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Rapaport News
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Petra Sells Botswana Business for $300K
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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...
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Rough Markets
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Jul 21, 2020
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Rapaport News
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Petra Seeks Buyer for Its Business
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Petra Diamonds plans to sell the company as it struggles with mounting debt.The company owns the Cullinan, Finsch and Koffiefontein mines in South Africa. It also operates the Williamson deposit in Tanzania, which is currently on care and...
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Mining
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Jun 28, 2020
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Rapaport News
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Petra Mulls June Tender After Rough-Price Slump
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Petra Diamonds is considering whether to hold a rough tender in June after a market slowdown prompted it to cancel its May sale.Prices fell 27% in March and April compared with February as the Covid-19 pandemic reduced business activity...
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Mining
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May 31, 2020
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Rapaport News
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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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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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