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.
More on Sourcing
The Latest
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
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.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsSep 09, 2026
Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong SalesThe jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
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.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
ColumnistsSep 08, 2026
Peter Smith: Humor Is No Laughing MatterLaughter is often considered a distraction in the workplace, but it has benefits for both staff and management, Peter Smith writes.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
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.
