Gold industry veteran takes the reins at Petra Diamonds February 18, 2019 Mining giant Petra Diamonds has drafted in former gold-producing veteran Richard Duffy as its new chief executive amid attempts to slash its debt pile. The South African gem miner, which has been facing pressure over its balance sheet in the wake of expansion, announced the appointment of AngloGold Ashanti’s ex-finance boss Duffy this morning. Read more: [...]
Petra Diamonds finds its second largest diamond at mine which produced crown jewel stones March 31, 2019 Petra Diamonds found the second largest diamond in its history last week in the South African mine where the world’s biggest stone was found over a century ago. The 425.1 carat diamond is a type II – the most collectable form which only makes up a fraction of global stocks. It is also completely colourless. [...]
Diamond in a rough year: Petra sells blue gem for $14.9m November 18, 2019 Petra Diamonds has sold a 20.08 carat blue diamond found at South Africa’s famous Cullinan mine for $14.9m (£11.49m). The company said that this was equivalent to roughly $741,000 per carat. Read more: Petra loses its sparkle as annual profits plunge It added that the buyer was a leading diamond company that wished to remain [...]
Petra Diamonds’ stock rally hit by falling prices at crown jewel mine January 28, 2019 Petra Diamonds' shares dropped heavily this morning after prices fell at the mine which produced the British crown jewels' two largest diamonds. A revenue increase of eight per cent to $207m was not enough to boost investor confidence after like-for-like diamond prices dropped four per cent, hit by lower-quality output from its Koffiefontein and Cullinan mines. [...]
Luxury jewellers Boodles reports profits ‘back on track’ November 18, 2019 Luxury jewellery retailer Boodles reported sales growth following a strong Christmas trading period last year and a 220th anniversary collaboration with Swiss watchmaker Patek Philippe. The family-owned jewellers reported turnover of £77.1m for the year ended 28 February, up 8.9 per cent from £70.8m in 2018. Read more: Diamond in a rough year: Petra sell [...]
De Beers records highest diamond sales since April as 2020 looks brighter January 29, 2020 De Beers, the diamond mining arm of Anglo American, recorded its highest sales of the gems since April last year in signs that the global market is beginning to recover from a nightmare 2019. The firm, which was taken over by Anglo in 2011, sold $545m (£418.7m) in rough diamonds in its first cycle of [...]
Gem Diamonds sees revenue jump 41 per cent amid hopes of upturn February 13, 2020 Gem Diamonds saw its revenue increase 41 per cent today after a hike in the price of the precious stones had producers optimistic of a better 2020 for the troubled market. The miner, which has operations in Lesotho, said revenue hit $51.3m (£39.5m), up from $36.3m in the previous quarter. A 21 per cent rise [...]
Petra Diamonds chief executive to step down as focus switches to regaining investor confidence September 17, 2018 Petra Diamonds has promised to win back the confidence of investors after increasing earnings and overcoming the challenges of a tumultuous year. The miner reported underlying earnings of $195.4m (£148.5m) for the six months ending 30 June – a 37 per cent rise on the previous year. The company announced yesterday that chief executive Johan [...]
Petra Diamonds chief executive to step down as focus switches to regaining investor confidence September 17, 2018 Petra Diamonds has promised to win back the confidence of investors after increasing earnings and overcoming the challenges of a tumultuous year. The miner reported underlying earnings of $195.4m (£148.5m) for the six months ending 30 June – a 37 per cent rise on the previous year. The company announced yesterday that chief executive Johan [...]
FTSE miners lead recovery as China’s infection rate slows March 13, 2020 FTSE miners led London’s blue-chip index higher today as traders welcomed a lower rate of new coronavirus infections in China. Evraz, BHP, Anglo American, Glencore and Petra Diamonds all posted double-digit gains as the FTSE 100 surged over eight per cent higher following yesterday’s record sell-off. Online trader IG analyst Joshua Mahony linked the jump [...]