Petra Diamonds Completes Restructuring
The diamond miner first announced the move in the fall after pulling itself off the market when it couldn’t find any buyers.

The miner owns four diamond mines: Cullinan, Finsch and Koffiefontein, all former De Beers Group mines in South Africa; and Williamson, a currently mothballed open-pit mine in Tanzania.
Then in October, the diamond miner said it was concluding the formal sale process as it hadn’t generated any viable offers and instead would enter a debt-for-equity restructuring.
That has involved its $650 million bond debt being replaced by $337 million in new notes—$30 million from existing debtholders and the rest converted into equity.
Debtholders now own 91 percent of the company and existing stakeholders’ share decreased to 9 percent.
The restructuring also included new governance arrangements and cash flow controls.
Petra also announced the appointment of Matthew Glowasky to the board as a non-executive director.
“The completion of the restructuring is a significant achievement for Petra, and I would like to thank our noteholders, lenders and shareholders for their continued support,” CEO Richard Duffy said.
“The restructuring will provide Petra with a stable and sustainable capital structure, significantly reduced financial burdens and greater liquidity, leaving us in a stronger position to focus on optimizing the value of our diversified asset base and to deliver growth for all our stakeholders.”
The diamond achieved a per-carat price of $40,701, exceeding the $34,386 per carat for the 424.89-carat “Legacy of the Cullinan Diamond Mine” achieved in May 2019.
The Latest

President Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.

The “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.

Columnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Peter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.


The retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.

The Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Associate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.

The company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.

The organization has raised more than $1.3 million for charity since its inception.

The brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.

The first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.

The catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.

The company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.

An additional 25 percent tariff has been added to the previously announced 25 percent.

The jewelry and accessories retailer plans to close 18 stores as part of the proceedings.

Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.

Designer Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.

She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.

Omar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.

The New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.

Lilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.

The organization has awarded a total of $42,000 through its scholarship programs this year.

The winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.

As summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.

Moshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.