SourcingNov 18, 2025
Another Diamond Company CEO Steps DownSourcingDec 02, 2025
Petra Diamonds Elevates Interim CEOs to Permanent Status
Vivek Gadodia and Juan Kemp, who’ve been serving as interim co-CEOs since February, will continue to lead the diamond mining company.
Vivek Gadodia and Juan Kemp are now the permanent co-CEOs of Petra Diamonds Ltd. and will continue to lead the business in a market rife with challenges for diamond miners. Petra, which operates the Cullinan and Finsch mines (pictured), saw sales decline 33 percent and losses grow 68 percent in its most recent fiscal year. (Photo courtesy of Petra Diamonds Ltd.)
London—Petra Diamonds Ltd. announced that its interim co-CEOs, who’ve been running the company since February, are now permanent joint CEOs.
Vivek Gadodia and Juan Kemp took over following the resignation of Richard Duffy, who had been with the company since 2019.
Gadodia, who has been with Petra since 2021 and was chief restructuring officer before he became co-CEO, will continue to oversee corporate matters.
Kemp, who was an operations executive at the Cullinan mine, will continue to oversee the mining company’s operations.
In a joint statement, the two executives said they have delivered a “streamlined, more resilient business,” having overseen the successful refinancing of the company and sold off two of its four diamond mining operations over the past nine months.
“We look forward to steering the company on a permanent basis as we continue our focus on the execution of our extension projects as we look to unlock value for our stakeholders in the short to medium term,” Gadodia and Kemp said.
Related stories will be right here …
Vivek Gadodia and Juan Kemp took over following the resignation of Richard Duffy, who had been with the company since 2019.
Gadodia, who has been with Petra since 2021 and was chief restructuring officer before he became co-CEO, will continue to oversee corporate matters.
Kemp, who was an operations executive at the Cullinan mine, will continue to oversee the mining company’s operations.
In a joint statement, the two executives said they have delivered a “streamlined, more resilient business,” having overseen the successful refinancing of the company and sold off two of its four diamond mining operations over the past nine months.
“We look forward to steering the company on a permanent basis as we continue our focus on the execution of our extension projects as we look to unlock value for our stakeholders in the short to medium term,” Gadodia and Kemp said.
The announcement of Gadodia and Kemp’s appointments as permanent co-CEOs followed the company’s annual general meeting, held Nov. 27.
After the meeting, the company also formally announced changes to its board and the results of the rights issue it launched in October to help keep it afloat.
A rights issue is a financing mechanism that gives a company’s existing shareholders the opportunity to buy more shares, usually at a discounted price.
Petra said shareholders purchased 94,466,889 of the more than 114,000,000 new ordinary shares offered (about 83 percent).
The rights issue, which was underwritten by a select group of shareholders who agreed to purchase all shares that were not sold, hit its target of £18.8 million (about $25.1 million).
The company said it will use the money for general working capital purposes.
Petra Diamonds operates two diamonds mines, Cullinan and Finsch, both located in South Africa.
More on Sourcing
The Latest
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
