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.”
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.
The Latest
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
Weekly QuizJun 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse RetiresThe industry veteran is bringing his 56-year run in the fine jewelry sector to an end.
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry VoicesThe panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, LiterallyInspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for SoutheastThe company has promoted Katherine Whitacre to the role.
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine JewelryThe jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone TrioThose born in June can celebrate with pearl, alexandrite, and moonstone jewelry.
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder PlatformThe platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 YearsJim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.
SurveysJun 05, 2026
Consumers to Cut Back on Spending Amid Rising Prices, Survey Shows When conducting its May consumer confidence survey, The Conference Board asked extra questions about consumers’ budgeting strategies.
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride MonthThe “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to AuctionUp for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.
CollectionsJun 04, 2026
Buddha Mama to Spend the Summer in AspenThe Miami-based fine jewelry brand will host its first summer residency in the Colorado mountain town from June 5 to Aug. 23.
MajorsJun 04, 2026
AGS Honors Late Peter Yantzer, Holds Time Capsule CeremonyThe organization also announced its international board of directors for the 2026-2027 term.
MajorsJun 04, 2026
Neiman Marcus’ Downtown Dallas Store to Close in SeptemberSaks Global confirmed the closure this week, spelling the end for a store that’s been part of downtown Dallas for more than 100 years.
ColumnistsJun 03, 2026
Peter Smith: When Top Talent Leaves and What It Says About YouSmith discusses how managers should handle a top performer's exit, warning that a poor response could have a lasting impact.
