“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
The Company That Owns the Cullinan Mine Is Up for Sale
Petra Diamonds is looking for a buyer for some or all its assets.

London—Saddled with hundreds of millions of dollars in debt and facing a diamond market hobbled by COVID-19, miner Petra Diamonds has put itself up for sale.
The London-based company announced after market close Friday it is seeking a buyer for some or all its diamond mines.
Based in London, Petra Diamonds has a total of four operations: the Cullinan, Finsch and Koffiefontein mines in South Africa, and the open-pit Williamson, Tanzania’s only major diamond mine.
All four are former De Beers Group properties.
In operation since the early 1900s, Cullinan is known as a source of large Type IIa stones as well as blue diamonds and holds the distinction of producing the largest rough diamond ever recovered, the 3,106-carat Cullinan. (The mine, originally called Premier, was later renamed Cullinan in homage to the famous diamond.)
Petra, which has $650 million in outstanding 7.25 percent senior secured notes due for repayment in May 2022, began a strategic review in late March.
The company had problems prior to the spread of coronavirus, including weak diamond prices, troubles with its Williamson mine in Tanzania, and the debt incurred building a new processing plant at Cullinan and taking the Finsch mine underground.
The pandemic exacerbated its issues, dampening demand and causing prices to drop at its March sale.
In April, the company put Williamson on care and maintenance, citing “the unprecedented depressed market environment.”
The following month, the company reported sales were down 17 percent in its fiscal year-to-date due to weaker prices and lower sales in the March tender.
Petra said any companies with interest in buying some or all its mines should contact its advisors at Rothschild & Co., Giles Douglas (giles.douglas@rothschildandco.com) or Muhammad Jaffer (muhammad.jaffer@rothschildandco.com).
The Latest

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Six new retail businesses were selected for the 2025 program, which began in January.

Sponsored by the Gemological Institute of America


Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The company failed to file its quarterly reports in a timely manner.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.