SourcingJul 19, 2023
Lucara’s Underground Expansion at Karowe Hits a Snag SourcingJul 24, 2023
2 More Miners Note Softness in Rough Diamond Market
Petra Diamonds and Mountain Province both noted a slowdown in demand in their most recent earnings reports.
Rough diamonds from the Gahcho Kué mine, a joint venture between Mountain Province Diamonds and De Beers Group. Commenting on the rough diamond market last week, Mountain Province President and CEO Mark Wall noted the presence of “broader market turbulence.”
New York—Two mining companies noted a recent slowdown in demand for rough diamonds, echoing the latest remarks on the market from De Beers Group.
In its fourth-quarter and full-year results, Petra Diamonds said it has pushed the majority of its Tender 6 rough diamond sales into fiscal year 2024 because of a “temporary” slowdown in demand for rough diamonds.
Petra owns the Cullinan and Finsch mines in South Africa, both former De Beers properties. It is in the process of closing a third South African mine it acquired from De Beers, Koffiefontein.
Petra also has Williamson in Tanzania, though it sold about half its stake in the diamond mine in May.
Williamson was closed in November 2022 after a wall at the mine’s tailing dam was breached. The mine reopened this month, ahead of schedule, Petra noted.
Petra’s full-year sales were down 34 percent in its FY2023 to 2.3 million carats, while production was down 20 percent to 2.6 million carats, with the company falling short of its production target (2.8 million to 2.9 million carats).
Revenue fell 44 percent to $328.4 million due to production being down, the recovery of fewer exceptional diamonds, and the miner’s decision to push one of its sales into FY2024.
Related stories will be right here …
In its fourth-quarter and full-year results, Petra Diamonds said it has pushed the majority of its Tender 6 rough diamond sales into fiscal year 2024 because of a “temporary” slowdown in demand for rough diamonds.
Petra owns the Cullinan and Finsch mines in South Africa, both former De Beers properties. It is in the process of closing a third South African mine it acquired from De Beers, Koffiefontein.
Petra also has Williamson in Tanzania, though it sold about half its stake in the diamond mine in May.
Williamson was closed in November 2022 after a wall at the mine’s tailing dam was breached. The mine reopened this month, ahead of schedule, Petra noted.
Petra’s full-year sales were down 34 percent in its FY2023 to 2.3 million carats, while production was down 20 percent to 2.6 million carats, with the company falling short of its production target (2.8 million to 2.9 million carats).
Revenue fell 44 percent to $328.4 million due to production being down, the recovery of fewer exceptional diamonds, and the miner’s decision to push one of its sales into FY2024.
Meanwhile, Canadian mining company Mountain Province Diamond sold 360,308 carats of rough diamonds in the second quarter for a total of $44.6 million, an average price of $124 per carat.
The number of carats sold, total revenue and average price per carat were down 39 percent, 40 percent, and 4 percent year-over-year, respectively, due to the fact the miner had one fewer sale in Q2 2023 than it did in Q2 2022.
Mountain Province holds a 49 percent stake in the Gahcho Kué mine in Canada’s Northwest Territories, a joint venture with De Beers, and holds a 100 percent in Kennady North, a diamond exploration project surrounding Gahcho Kué.
Like Petra, Mountain Province noted a recent softening in the market for rough diamonds.
Company President and CEO Mark Wall said, “On the rough diamond market, we were glad to see our sales performance stay resilient amongst some broader market turbulence.”
Editors' Picks
Sponsored by
Petra and Mountain Province both reported their latest financials last week, the same week that De Beers and another diamond mining company, Rio Tinto, released their second-quarter production results.
Rio Tinto, which reported a 16 percent drop in production, did not make any comments about the diamond market specifically but did note that commodity prices fell in Q2 amid slowing demand.
It also said a U.S. recession is “still likely” later this year.
Rio Tinto, which reported a 16 percent drop in production, did not make any comments about the diamond market specifically but did note that commodity prices fell in Q2 amid slowing demand.
It also said a U.S. recession is “still likely” later this year.
More on Sourcing
The Latest
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
