SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikSourcingApr 08, 2026
Sale of 42-Carat Blue Diamond Gives Petra a Boost in Q3
The big diamond’s sale added to the company’s revenue though the market remains “challenging” overall, particularly for smaller goods.
Petra Diamonds sold the 41.82-carat blue diamond it recovered in January, though it is keeping information about the stone’s buyer under wraps for now. Petra operates two diamond mines, both in South Africa: Cullinan and Finsch.
London—A sale of a big blue diamond gave Petra Diamonds Ltd. a boost in the third quarter though the mining company noted continued price weakness in the market overall, especially for smaller size goods.
The London-based diamond miner reported last week that third quarter sales totaled 781,797 carats, a 58 percent increase when compared with the second quarter (494,237 carats) and a 40 percent increase (558,651 carats) over Q3 2024.
In dollar terms, sales totaled $68 million, up 39 percent quarter-on-quarter and 64 percent year-over-year.
Petra’s average realized price was down quarter-on-quarter, dropping 11 percent from $98 in Q2 to $87 in Q3, but rose 17 percent year-over-year.
The company attributed the quarter-on-quarter decline to a 15 percent reduction in like-for-like prices across all diamond sizes while noting that prices for smaller goods remain particularly soft.
“The quarter experienced further price weakness in the diamond market, particularly in the smaller size segments. This has impacted both [of our] mines, but unlike the Cullinan Mine, whose product mix was able to partly mitigate the overall reduced prices achieved, Finsch did not have that benefit.”
Average price per carat for rough diamonds recovered from the Finsch mine, which mostly produces smaller goods, dropped 22 percent quarter-on-quarter, while Cullinan’s price per carat was down only 9 percent.
This weakness at the lower end of the market, as well as “continuing global uncertainties,” forced the company to lower its pricing guidance for Finsch and hold steady on Cullinan even though the mine is outperforming so far this year.
Petra now forecasts that Finsch’s price per carat will land between $60 and $70 in FY 2026, down from its previous projection of $75 to $85 per carat.
The price-per-carat forecast for Cullinan remains unchanged at $85 to $105 even though its year-to-date average is $118 per carat.
Related stories will be right here …
The London-based diamond miner reported last week that third quarter sales totaled 781,797 carats, a 58 percent increase when compared with the second quarter (494,237 carats) and a 40 percent increase (558,651 carats) over Q3 2024.
In dollar terms, sales totaled $68 million, up 39 percent quarter-on-quarter and 64 percent year-over-year.
Petra’s average realized price was down quarter-on-quarter, dropping 11 percent from $98 in Q2 to $87 in Q3, but rose 17 percent year-over-year.
The company attributed the quarter-on-quarter decline to a 15 percent reduction in like-for-like prices across all diamond sizes while noting that prices for smaller goods remain particularly soft.
“The quarter experienced further price weakness in the diamond market, particularly in the smaller size segments. This has impacted both [of our] mines, but unlike the Cullinan Mine, whose product mix was able to partly mitigate the overall reduced prices achieved, Finsch did not have that benefit.”
Average price per carat for rough diamonds recovered from the Finsch mine, which mostly produces smaller goods, dropped 22 percent quarter-on-quarter, while Cullinan’s price per carat was down only 9 percent.
This weakness at the lower end of the market, as well as “continuing global uncertainties,” forced the company to lower its pricing guidance for Finsch and hold steady on Cullinan even though the mine is outperforming so far this year.
Petra now forecasts that Finsch’s price per carat will land between $60 and $70 in FY 2026, down from its previous projection of $75 to $85 per carat.
The price-per-carat forecast for Cullinan remains unchanged at $85 to $105 even though its year-to-date average is $118 per carat.
Petra’s Q3 revenue and average price per carat included the sale of the 41.82-carat Type IIb blue diamond of “exceptional color and clarity” unearthed at the Cullinan Mine in January.
The mining company said it sold the stone via tender. It received a payment up front and retained “significant economic interest” in the sale of the diamond after it’s polished, which could take about 12 months.
Petra said due to the terms of the agreement, it cannot disclose the name of the buyer or how much was paid for the diamond at this point, though it did reveal that the stone will be cut in South Africa.
“While the overall market remains challenging, especially in the smaller-sized segments, recovering a sizeable, exceptional quality diamond demonstrates the quality of Cullinan Mine’s significant resource,” said Vivek Gadodia and Juan Kemp, Petra’s joint CEOs.
“The agreement we have reached on this blue stone will enable leveraging considerable experience in the manufacturing and sale of polished diamonds to extract maximum value for Petra while also allowing for the cutting and polishing of this stone in South Africa and we look forward to seeing the ultimate outcome of this magnificent gem.”
More on Sourcing
The Latest
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.
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.
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.
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.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
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.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
