The Indian jewelry brand recently opened stores in Atlanta and Seattle.
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

CEO Beth Gerstein shared its most popular price points, what’s trending in non-bridal fine jewelry, and its holiday performance.

The 15 pieces were crafted from the “Insofu” emerald, discovered in Zambia in 2010.

Supplier Spotlight Sponsored by GIA

Chris Anderson is joining the insurance provider as the new chief financial officer and treasurer.


Jewelers of America is distributing a brochure for retailers to use when discussing the differences between natural and lab-grown diamonds.

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Govind Dholakia and Tanishq will be recognized for their contributions to the industry at the Diamonds Do Good Awards in Las Vegas.

The New York City-based brand has opened its first U.K. location with a permanent shop-in-shop at Liberty in London.

A metal detectorist discovered the ring that is believed to have belonged to a bishop in the late 12th to early 13th century.

Organizers looked to new partnerships and interactive experiences to enhance the spring show, set for March 16 to 18.

Kenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.

The suspect allegedly stole almost $800,000 worth of diamond jewelry from a store in Orlando and then swallowed it during a traffic stop.

Ahead of the Gem Awards on Friday, Jen Cullen Williams and Duvall O’Steen share pro tips for taking the best photos.

Founded in 2000, Marco Bicego is commemorating its milestone anniversary with a “25 Best” collection and campaigns honoring its heritage.

Those attending the company’s upcoming Zoom workshop will receive early access to “The List,” its new resource for finding buyers.

The organization will present an award to Amy-Elise Signeavsky, law enforcement and diamond recovery manager at GIA.

Chandler started his jewelry career at Michelson Jewelers, joining the Diamond Council of America as president and CEO in 2001.

Scottish American designer Maeve Gillies collaborated with Platinum Guild International on jewelry created by direct metal 3D printing.

Ahead of its trade show in May, TJS awarded free registration and accommodations to five up-and-coming jewelry industry professionals.

The 2025 Gem Awards are set to take place Friday at Cipriani 42nd Street in New York City.

The annual star-studded campaign for International Women’s Day encourages collective action against domestic violence.

The statement piece is seen in Yeprem’s new “You Play the Game” campaign, created for International Women’s Day.

Longtime employee Kyle Slosson has been promoted to the role.

First-generation jewelers Dan and Hope Wixon are retiring and will close their Minneapolis-area jewelry store in May.

The limited-edition collection, a nod to the Year of the Snake, is Ukrainian brand Guzema’s first partnership with a U.S. brand.