SourcingJul 19, 2023
Lucara’s Underground Expansion at Karowe Hits a Snag SourcingJul 24, 2023
2 More Miners Note Softness in Rough Diamond Market
Petra Diamonds and Mountain Province both noted a slowdown in demand in their most recent earnings reports.
Rough diamonds from the Gahcho Kué mine, a joint venture between Mountain Province Diamonds and De Beers Group. Commenting on the rough diamond market last week, Mountain Province President and CEO Mark Wall noted the presence of “broader market turbulence.”
New York—Two mining companies noted a recent slowdown in demand for rough diamonds, echoing the latest remarks on the market from De Beers Group.
In its fourth-quarter and full-year results, Petra Diamonds said it has pushed the majority of its Tender 6 rough diamond sales into fiscal year 2024 because of a “temporary” slowdown in demand for rough diamonds.
Petra owns the Cullinan and Finsch mines in South Africa, both former De Beers properties. It is in the process of closing a third South African mine it acquired from De Beers, Koffiefontein.
Petra also has Williamson in Tanzania, though it sold about half its stake in the diamond mine in May.
Williamson was closed in November 2022 after a wall at the mine’s tailing dam was breached. The mine reopened this month, ahead of schedule, Petra noted.
Petra’s full-year sales were down 34 percent in its FY2023 to 2.3 million carats, while production was down 20 percent to 2.6 million carats, with the company falling short of its production target (2.8 million to 2.9 million carats).
Revenue fell 44 percent to $328.4 million due to production being down, the recovery of fewer exceptional diamonds, and the miner’s decision to push one of its sales into FY2024.
Related stories will be right here …
In its fourth-quarter and full-year results, Petra Diamonds said it has pushed the majority of its Tender 6 rough diamond sales into fiscal year 2024 because of a “temporary” slowdown in demand for rough diamonds.
Petra owns the Cullinan and Finsch mines in South Africa, both former De Beers properties. It is in the process of closing a third South African mine it acquired from De Beers, Koffiefontein.
Petra also has Williamson in Tanzania, though it sold about half its stake in the diamond mine in May.
Williamson was closed in November 2022 after a wall at the mine’s tailing dam was breached. The mine reopened this month, ahead of schedule, Petra noted.
Petra’s full-year sales were down 34 percent in its FY2023 to 2.3 million carats, while production was down 20 percent to 2.6 million carats, with the company falling short of its production target (2.8 million to 2.9 million carats).
Revenue fell 44 percent to $328.4 million due to production being down, the recovery of fewer exceptional diamonds, and the miner’s decision to push one of its sales into FY2024.
Meanwhile, Canadian mining company Mountain Province Diamond sold 360,308 carats of rough diamonds in the second quarter for a total of $44.6 million, an average price of $124 per carat.
The number of carats sold, total revenue and average price per carat were down 39 percent, 40 percent, and 4 percent year-over-year, respectively, due to the fact the miner had one fewer sale in Q2 2023 than it did in Q2 2022.
Mountain Province holds a 49 percent stake in the Gahcho Kué mine in Canada’s Northwest Territories, a joint venture with De Beers, and holds a 100 percent in Kennady North, a diamond exploration project surrounding Gahcho Kué.
Like Petra, Mountain Province noted a recent softening in the market for rough diamonds.
Company President and CEO Mark Wall said, “On the rough diamond market, we were glad to see our sales performance stay resilient amongst some broader market turbulence.”
Editors' Picks
Sponsored by
Petra and Mountain Province both reported their latest financials last week, the same week that De Beers and another diamond mining company, Rio Tinto, released their second-quarter production results.
Rio Tinto, which reported a 16 percent drop in production, did not make any comments about the diamond market specifically but did note that commodity prices fell in Q2 amid slowing demand.
It also said a U.S. recession is “still likely” later this year.
Rio Tinto, which reported a 16 percent drop in production, did not make any comments about the diamond market specifically but did note that commodity prices fell in Q2 amid slowing demand.
It also said a U.S. recession is “still likely” later this year.
More on Sourcing
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’The ads celebrate the mall culture of the ‘80s and ‘90s.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is OutThe first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—HodinkeeThe company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.
