Sourcing

Diamond Mining Company CEO Steps Down Amid Sales Slump, Layoffs

SourcingFeb 19, 2025

Diamond Mining Company CEO Steps Down Amid Sales Slump, Layoffs

Petra Diamonds Ltd. CEO Richard Duffy resigned as the diamond miner reported a 30 percent drop in sales to start its fiscal year.

The Finsch diamond mine in South Africa
Petra Diamonds’ CEO Richard Duffy resigned Monday as the company announced a steep decline in first-half sales. Petra operated four diamond mines, including Finsch in South Africa (pictured), but is offloading two of them in an effort to cut costs and shore up losses. (Photo courtesy of Petra Diamonds Ltd.)
London—The CEO of Petra Diamonds Ltd. stepped down Monday, the same day the mining company announced a 30 percent drop in sales in the first half of its fiscal year.

Richard Duffy resigned as both CEO and director of Petra, effective immediately, and will be replaced by joint interim CEOs.

Vivek Gadodia, who joined Petra in 2021 and most recently served as its chief restructuring officer, will have responsibility over corporate matters, while Juan Kemp, currently operations executive at the Cullinan mine, will oversee all Petra’s operations.

Gadodia spent about 15 years working in engineering, project management, and on the corporate side at energy company Sasol before joining Petra.

Kemp has more than 30 years’ experience in mining, coming to Petra from De Beers in 2009 when Petra purchased the Cullinan mine. Prior to his time at De Beers, Kemp worked at Anglo Gold in the East Rand Gold and Uranium Division.

“On behalf of the board, I would like to thank Richard for his hard work and dedication as CEO since he joined Petra in 2019.  We wish Richard all the best for the future,” said José Manuel Vargas, chair of the company’s board of directors.

“The board looks forward to working with [Gadodia and Kemp] on the delivery of Petra’s near-term objectives, in particular the refinancing of its debt.”

Duffy’s resignation comes amid what Petra described as a “prolonged period of weakness in the diamond market,” and layoffs at mining companies industrywide.

Petra previously announced plans to lay off about 200 workers, a move South Africa’s National Union of Mineworkers (NUM) called “unacceptable” in a statement released last week. 

“NUM is worried about these impending retrenchments at both the Cullinan and Finsch mines,” the union said.

“NUM has observed with serious concern that the majority of mining companies that are retrenching workers around the country are replacing them with contract workers. This is capitalist barbarism at its best.”

In Botswana, English-language newspaper Mmegi reported that Debswana, the joint venture between De Beers Group and the Botswana government, worked with the union to offer voluntary separations, with Debswana accepting about 500 of the requests it received. 

 Related stories will be right here … 

News of Duffy’s resignation was announced as Petra reported its results for the first half of fiscal year 2025, ended Dec. 31.

The company sold 1.1 million carats of diamonds in the period, a 28 percent drop from 1.5 million in the first half of FY 2024, while the average realized price per carat fell slightly to $103 from $106.

Revenue was down 30 percent year-over-year to $115 million from $164 million in the first half of FY 2024.

Petra said the decline was “largely due” to pushing the sale of about $50 million in rough diamonds from FY 2023 into the first half of FY 2024, making for more difficult comps.

The company’s net losses after tax totaled $69 million in the first half of FY2025, compared with $11 million in the prior-year period.

Petra once operated four diamond mines: Cullinan, Finsch, Williamson, and Koffiefontein.

In October, it received the necessary approval to sell Koffiefontein to an affiliate of Stargems Group, saving it $23 million in closure-related costs.

In January, Petra entered into an agreement to sell its share in the pink-producing Williamson diamond mine in Tanzania to Pink Diamonds Investment Ltd. for a headline consideration of up to $16 million. 

Pink Diamonds is an affiliate of Taifa, the Tanzanian-owned company that is the country’s largest mining contractor. 

The transaction is subject to regulatory and lender approvals. Petra said it expects the deal to close in the first quarter of calendar year 2025. 

“These steps, together with the restructuring plan of the business that is underway, are intended to ensure that Petra is a focused, resilient company able to withstand pricing weakness, while positioning for upside in stronger markets,” the company said. 

The Latest

Lugano Diamonds store in Greenwich, Connecticut
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal Investigation

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Coeur Percé Scapular Necklace and Love Baby Locket
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s Day

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

Stock image of a man’s hands in handcuffs
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

antique_Vegas_2024_by_headshot_stories_9454.jpg
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the Globe

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

2025 Met Gala jewelry
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry Moments

Associate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.

Weekly QuizMay 08, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
instappraise-1.png
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal Format

Sponsored by Instappraise

Brilliant Earth three stone Sabine diamond engagement ring
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1

CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest Addition

Supplier Spotlight Sponsored by GIA

Exterior of Margot McKinney Beverly Hills Location
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New Boutique

The brand’s first independent location outside of Australia has opened in Beverly Hills, California.

Cathy Marsh
IndependentsMay 08, 2025
Verragio Announces New Regional Sales Manager

Cathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.

Pandora gold and silver charm bracelet
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for Tariffs

The company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.

Headshot of Smart Age Solutions CEO Emmanuel Raheb
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and Beyond

Connecting with your customers throughout the year is key to a successful holiday marketing push.

Logo for “In the Loupe,” Punchmark’s podcast
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest

National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.

Harwell Godfrey Met Gala brooch with Mediterranean Blue diamond
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready Brooch

Designer Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”

Jewelers of America 20 Under 40 for 2025
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ List

Expanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.

Sissys Log Cabin Fort Smith Arkansas
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New Store

Located in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.

Gunderson’s Jewelers
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV Series

The episode about the family-owned jeweler will premiere May 17.

Zadok Jewelers Austin store
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in Austin

The Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.

Nancy Astor Cartier turquoise and diamond tiara
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to Auction

The turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.

David DeCook Crater of Diamonds State Park 3.81-carat brown Duke Diamond
SourcingMay 05, 2025
Crater of Diamonds Yields 4-Carat Brown Diamond

“The Duke Diamond” is the largest diamond registered at the Arkansas park so far this year.

Kraft Mac & Cheese x Ring Concierge Forever Macaroni Necklace
TrendsMay 02, 2025
Ring Concierge, Kraft Partner on Mother’s Day Macaroni Necklace

The childhood craft of making dried pasta necklaces for Mother’s Day is all grown up as the 14-karat gold “Forever Macaroni” necklace.

Angely Martinez emerald Promise ring
CollectionsMay 02, 2025
Piece of the Week: Angely Martinez’s Emerald Promise Ring

Set with May’s birthstone and featuring an earthworm, this ring is a perfect celebration of spring.

Stuller 2025-2026 bridal catalog
MajorsMay 02, 2025
Stuller’s New Bridal Catalog Is Here

“Bridal 2025–2026” includes popular styles and a dedicated section for quick pricing references of lab-grown diamond bridal jewelry.

Americut Gems
SourcingMay 01, 2025
Tariffs & Colored Gemstones: Relying on Stock, Considering the Ripple Effect

Though currently paused, high tariffs threaten many countries where gemstones are mined. Dealers are taking measures now to prepare.

Exterior of new David Yurman store in the Miami Design District
MajorsMay 01, 2025
Peek Inside David Yurman’s New Miami Flagship Store

Located in Miami’s Design District, the 4,000-square-foot store is an homage to David and Sybil Yurman’s artistic roots.

Oscar Heyman emerald and diamond necklace
TrendsMay 01, 2025
Amanda’s Style File: 20 Pieces of Emerald Jewelry for May

May babies are lucky indeed, born in a month awash with fresh colors and celebrated with one of the most coveted colored gemstones.

Jewelers of America logo
MajorsMay 01, 2025
Jewelers of America Opens Applications for 2025 Scholarships

The deadline to apply for the Seymour & Evelyn Holtzman Bench Scholarship is June 12.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy