SourcingOct 10, 2024
Lucara Sells Clara to Its Original FoundersSourcingOct 15, 2024
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.
Mining company Petra Diamonds Ltd. said it has received the necessary consent to complete the sale of Koffiefontein, the underground diamond mine in South Africa it has owned since 2007. (Photo courtesy of Petra Diamonds Ltd.)
London—Petra Diamonds Ltd. has received the governmental approval necessary to sell Koffiefontein, the diamond mine in South Africa it has been looking to offload since 2022.
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.
Related stories will be right here …
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.
More on Sourcing
The Latest
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
Weekly QuizMay 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
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.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom 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.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
FinancialsMay 22, 2025
Watches of Switzerland’s Full-Year U.S. Sales Climb 14% The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
