SourcingApr 21, 2022
De Beers Slated to Begin Diamond Exploration in AngolaSourcingMay 02, 2022
Petra Looking to Sell One of Its Mines in South Africa
The diamond miner wants to find a “technically and financially suitable” buyer for Koffiefontein.
Petra Diamonds is looking to sell the Koffiefontein mine in South Africa. Petra has interest in three underground diamond mines in South Africa—Koffiefontein, Cullinan, and Finsch (pictured here)—as well as the open-pit Williamson mine in Tanzania. (Photo courtesy of Petra Diamonds Ltd.)
London—Petra Diamonds Ltd. announced last week it’s looking for a buyer for Koffiefontein in South Africa, an underground mine that’s nearing the end of its life.
Petra said in conjunction with its Black Economic Empowerment (BEE) partners, Kago Diamonds (Pty) Ltd. and the Itumeleng Petra Diamonds Employee Trust, it is exploring a “responsible” exit from the mine.
According to a history of the mine provided by Petra, diamonds were first discovered on the Koffiefontein farm in 1870, and De Beers acquired control of the site in 1911.
The open-pit mine went underground in 1974, and De Beers completed the sale of the mine to Petra in 2007.
The current life-of-mine plan calls for Koffiefontein to operate until FY 2025.
Petra, which just completed a restructuring after failing to find a buyer itself, would like to find a “technically and financially suitable buyer” that could extend the life of the mine, which includes 1.11 million carats in indicated resources.
Related stories will be right here …
Petra said in conjunction with its Black Economic Empowerment (BEE) partners, Kago Diamonds (Pty) Ltd. and the Itumeleng Petra Diamonds Employee Trust, it is exploring a “responsible” exit from the mine.
According to a history of the mine provided by Petra, diamonds were first discovered on the Koffiefontein farm in 1870, and De Beers acquired control of the site in 1911.
The open-pit mine went underground in 1974, and De Beers completed the sale of the mine to Petra in 2007.
The current life-of-mine plan calls for Koffiefontein to operate until FY 2025.
Petra, which just completed a restructuring after failing to find a buyer itself, would like to find a “technically and financially suitable buyer” that could extend the life of the mine, which includes 1.11 million carats in indicated resources.
If not, it will move forward with the current plan to close the mine by 2025. The company said it already has begun “right-sizing” the operation, a process likely to involve layoffs.
Petra has hired Questco Corporate Advisory to manage the potential sale of the mine.
All interested parties should contact Questco by May 9. The contacts are: Ciska Kloppers at +27 82 303 4826, Kaveshan Subramanian at +27 73 201 4359, or via email to projectoasis@questco.co.za.
Based in the U.K., Petra has interest in three underground mines in South Africa—Koffiefontein, Finsch, and Cullinan, all former De Beers mines—as well the open-pit Williamson mine in Tanzania.
Cullinan is known for producing large diamonds, including the largest known rough diamond recovered to date.
The mine also produced the 39.34-carat chunk of rough that became the “De Beers Cullinan Blue Diamond,” a 15.10-carat fancy vivid blue that just sold for nearly $58 million at Sotheby’s.
More on Sourcing
The Latest
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
Weekly QuizJun 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
