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.

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.
The Latest

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.


The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

The company also noted record sales in the United States and a strong performance in its jewelry category.

The event, set for June 13-15, will feature educational presentations and guided visits to the state’s sapphire mines.

After the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.

The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.

The rapper and singer-songwriter will perform at Tao Beach on June 8.

“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

The “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.

Breitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.