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.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
FinancialsAug 27, 2026
Movado’s Q2 Sales Up As Younger Consumers Take Interest in WatchesThe fashion watch category was once threatened by the Apple Watch, but consumers are now opting for new wearables, said Movado’s CEO.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
TrendsAug 26, 2026
Boucheron’s New Campaign Celebrates Its ‘Question Mark’ NecklacesThe campaign highlights the asymmetrical high jewelry necklace style that the jeweler first created in 1879.
Events & AwardsAug 26, 2026
Harry Winston Exhibition to Open in ShanghaiIt will explore the life of “The King of Diamonds” and showcase more than 165 creations from the brand.
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
MajorsAug 20, 2026
Plumb Club Elects 2026-2027 BoardSteven Lerche is now beginning his term as the youngest member to become president of The Plumb Club’s elected executive committee.
