Petra’s Sale of Koffiefontein Diamond Mine Approved
The mining company is set to hand over the South African diamond mine to an affiliate of Stargems Group by the month’s end.

Last week, the London-based mining company announced that it had been granted consent under section 11 of South Africa’s Mineral and Petroleum Resources Development Act to sell the mine to Koffiefontein Holdings (Pty) Ltd., an affiliate of the Stargems Group.
Section 11 dictates that the country’s minister of mineral resources and energy, currently Gwede Mantashe, must provide written consent for the transfer of mining rights.
Petra said it expects to close the transaction and undertake a “smooth handover” of the mine to Stargems before the end of the month.
The sale will save the company an estimated $15 million to $18 million in closure-related costs for the mine, it said.
“Since taking the difficult decision to put the Koffiefontein mine on care and maintenance and planning for closure of the mine, Petra has remained committed to exploring a responsible exit of the asset,” Petra CEO Richard Duffy said.
“The grant of the S11 consent by the Department of Mineral and Petroleum Resources (DMPR) will allow the Koffiefontein mine to continue with economic activity under new ownership. We believe this is the best possible outcome for all stakeholders involved and I would like to thank the DMPR for its ongoing support in the approval process.”
Mining at the site that is Koffiefontein began in 1887.
De Beers acquired the mine in 1911 and operated it off and on until 2006. Petra bought Koffiefontein in July 2007.
In addition to Koffiefontein, Petra owns and operates the Cullinan and Finsch mines in South Africa and the Williamson mine in Tanzania, which is known for its pink diamonds.
The Latest

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

The lab has adjusted the scale it uses for nacre grading.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Sponsored by GCAL by Sarine


David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

Supplier Spotlight Sponsored by GIA

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

The nonprofit elected five judges who will decide the winners of its design competition.

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.

The jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.

In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.

The bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.

Current Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.

The company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.

Communicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.

The “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.

Tanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.

Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.

Two scholarships are available, one for new and non-members and another for NAJA certified members.

The retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

Sponsored by the Las Vegas Antique Jewelry and Watch Show

A private American collector purchased the 10-carat fancy vivid blue diamond.