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.
More on Sourcing
The Latest
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
