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.
More on Sourcing
The Latest
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
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.
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
