Petra Diamonds delays Cullinan Mine tender amid US tariff uncertainty

Petra Diamonds, which has the world’s third-largest diamond resource said 9, April 2025,  that it had delayed the sale of gems from its Cullinan Mine in South Africa until there was greater clarity around the impact of U.S. tariffs.

The company, as part of its periodic tenders, had already sold diamonds from its Finsch mine, also in South Africa, and its Williamson mine in Tanzania before U.S. President Donald Trump unleashed a barrage of tariffs last week. These tariffs, applicable on U.S. imports ranging from dental floss to diamonds, have left companies globally scrambling to rethink their business and sparked concerns of a trade war that would stunt economic growth.

South Africa is one of the biggest exporters of diamonds to the United States, along with India. Petra, already struggling with widening losses due to prolonged weakness in the diamond market, is in the midst of a restructuring plan.

Moreover, the iconic Cullinan mine, from where the largest ever gem-quality diamond was recovered 120 years ago, has been producing fewer high-quality diamonds recently. That has added to Petra’s woes when it enters the market to sell diamonds via tenders, which are timed around specific calendar events and to fit with other regional diamond sales. “The U.S. tariffs announcement late last week has resulted in considerable diamond market uncertainty,” the diamond miner said.