Petra Diamonds said this Friday it was cutting jobs across the group and placing its Finsch mine under bankruptcy protection to restructure the operation, as the Middle East turmoil, a stronger South African (SA) Rand and a weak diamond market squeeze its business.
The London-headquartered company, which employs more than 4 000 people, did not disclose how many jobs would be cut, but said it was launching a consultation process with employees and unions.
Petra said Finsch, which accounted for 34% of its revenue in fiscal 2025 and produces mostly stones of 2 carats and below, had been pressured by a structural decline in prices for smaller diamonds.
Chief Executive Officer Vivek Gadodia said the company does not expect a material near-term recovery in smaller diamond values. Petra suspended its fiscal 2026 to 2030 guidance.
–Reuters–
