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Petra Diamonds has lowered its 2025 price forecasts and announced job cuts across group operations to cut costs and improve cash flow amid global diamond market challenges.
The restructuring will be led by Vivek Gadodia, appointed chief restructuring officer. The company has postponed refinancing plans until 2025 to focus on cash generation.
The company’s move comes only days after De Beers, the world’s largest diamond producer by value, cut the prices of its mined gems by more than 10%.
Petra’s third tender for the 2025 financial year delivered mixed results. While sales volumes rose, both revenue and prices declined. The company sold 700,803 ct. during the third tender, a 17% increase compared to the combined 600,161 ct. sold in the first two tenders.
The Cullinan mine’s third tender had an average price of US$100 per carat. This is down from US$146 per ct. in earlier tenders but slightly above the 2024 financial year’s year-to-date average of US$112 per carat. At the Finsch mine, the average price fell to US$72 per ct. from US$84 per ct. in earlier tenders, below the year-to-date average of US$99 per ct. in 2024.
