SourcingFeb 18, 2025
Celine Assimon Stepping Down as CEO of De Beers JewellersSourcingFeb 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.
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 …
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.
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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
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.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
CrimeApr 13, 2026
JSA Offers Reward in Oregon Jewelry Store Armed RobberyJSA is seeking information about the gunpoint robbery of a Kay Jewelers location in Oregon’s Washington Square Mall.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
SourcingApr 09, 2026
AGA To Honor ‘Quiet Leadership’ With New AwardThe Alan Hodgkinson Medal recognizes gemologists who are consistently generous with their time and expertise.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
SourcingApr 08, 2026
Sale of 42-Carat Blue Diamond Gives Petra a Boost in Q3The big diamond’s sale added to the company’s revenue though the market remains “challenging” overall, particularly for smaller goods.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
