{"id":35820,"date":"2026-05-29T16:55:06","date_gmt":"2026-05-29T14:55:06","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=35820"},"modified":"2026-05-29T16:55:06","modified_gmt":"2026-05-29T14:55:06","slug":"petra-diamonds-to-cut-jobs-places-sa-finsch-mine-on-business-rescue","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/petra-diamonds-to-cut-jobs-places-sa-finsch-mine-on-business-rescue\/","title":{"rendered":"Petra Diamonds to cut jobs, places SA Finsch mine on business rescue"},"content":{"rendered":"<p>Petra Diamonds said this Friday it was cutting jobs across the group \u200cand 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 \u2060business.<\/p>\n<p>&nbsp;<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n<p>Petra said Finsch, which accounted for 34% \u200cof \u2060its revenue in fiscal 2025 and produces mostly stones of 2 carats and below, had been pressured by a structural \u2060decline in prices for smaller diamonds.<\/p>\n<p>&nbsp;<\/p>\n<p>Chief Executive Officer Vivek Gadodia said the company does not expect \u2060a material near-term recovery in smaller diamond values. Petra suspended its \u2060fiscal 2026 to 2030 guidance.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211;Reuters&#8211;<\/p>\n","protected":false},"featured_media":14758,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-35820","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Petra Diamonds said this Friday it was cutting jobs across the group \u200c","published_date":"2026-05-29 16:29:42","news_description":"Petra Diamonds said this Friday it was cutting jobs across the group \u200c","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35820\/revisions"}],"predecessor-version":[{"id":35821,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/35820\/revisions\/35821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/14758"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=35820"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=35820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}