SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysSourcingAug 12, 2026
Another Diamond Mine Poised to Close
Finsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
The Finsch Diamond Mine in South Africa, which opened in 1967. Production at the mine has been suspended since June and now is expected to cease permanently.
London—After nearly 60 years in operation, the Finsch Diamond Mine in South Africa is preparing for permanent closure.
Mining company Petra Diamonds Ltd. announced late last week that since placing the mine in business rescue, a legal process used in South Africa that is akin to Chapter 11 bankruptcy, the company has “not found a viable outcome to restart operations at Finsch.”
In the news release announcing its fiscal year 2026 results, Petra Diamonds CEO Vivek Gadodia said the large proportion of smaller goods that Finsch produces, coupled with the strength of South Africa’s currency, make operating the mine “untenable.”
Petra’s revenue was flat year-over-year in fiscal year 2026, but its debt increased to $322 million by the end of its fiscal year on June 30, up from $298 million at the end of the third quarter, due largely to the losses sustained at Finsch.
The company said in the release that it is shifting focus to mining at Cullinan’s C-Cut, which yields a higher proportion of large and fancy colored diamonds.
Gadodia noted that larger, rarer diamonds are selling for “premium” prices and demand remains robust.
The mine’s creditors have approved a plan to sell off the mine’s assets to recover as much as possible for Finsch’s creditors.
An unnamed senior lender has provided funding to enable “limited activities” to continue at the mine, with a skeleton crew staying on while the mine’s assets are sold off.
Related stories will be right here …
Mining company Petra Diamonds Ltd. announced late last week that since placing the mine in business rescue, a legal process used in South Africa that is akin to Chapter 11 bankruptcy, the company has “not found a viable outcome to restart operations at Finsch.”
In the news release announcing its fiscal year 2026 results, Petra Diamonds CEO Vivek Gadodia said the large proportion of smaller goods that Finsch produces, coupled with the strength of South Africa’s currency, make operating the mine “untenable.”
Petra’s revenue was flat year-over-year in fiscal year 2026, but its debt increased to $322 million by the end of its fiscal year on June 30, up from $298 million at the end of the third quarter, due largely to the losses sustained at Finsch.
The company said in the release that it is shifting focus to mining at Cullinan’s C-Cut, which yields a higher proportion of large and fancy colored diamonds.
Gadodia noted that larger, rarer diamonds are selling for “premium” prices and demand remains robust.
The mine’s creditors have approved a plan to sell off the mine’s assets to recover as much as possible for Finsch’s creditors.
An unnamed senior lender has provided funding to enable “limited activities” to continue at the mine, with a skeleton crew staying on while the mine’s assets are sold off.
Finsch is one of four diamond mines worldwide expected to close this year as prices for smaller goods plummet amid competition from lab-grown diamonds and changes in consumer behavior.
Last month, De Beers Group announced that it was suspending production at the Venetia mine in South Africa for two years as part of another round of cost-cutting measures.
Ekapa Minerals’ diamond mine in the country’s Kimberley region also was set to close, but South Africa’s National Union of Metalworkers convinced a court to place the operation into business rescue to determine if it could be saved instead.
If successful, the move will save about half of the mine’s 1,030 jobs, South African news site News24.com reported.
In Canada, the Ekati diamond mine is expected to close later this month, while Rio Tinto removed the last load from the neighboring Diavik mine in March.
Editors' Picks
Sponsored by
The Latest
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
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.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
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.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
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.
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.
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.”
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.
