Petra Diamonds

What Petra Diamonds does

Petra Diamonds is an independent diamond mining group and a publicly listed supplier of gem-quality rough diamonds (LSE:PDL), headquartered in London with mining operations in South Africa. The company operates two core underground mines: Cullinan Mine (acquired 2008, Gauteng Province), which is one of the world's only sources of rare blue Type IIb diamonds and exceptional Type IIa white diamonds and contributed approximately 34% of FY2025 revenue; and Finsch Mine (acquired 2011, near Kimberley), which produces approximately 80% sawable goods in a distinct octahedron shape. Williamson Mine in Tanzania was divested in May 2025. Petra uses mechanized extraction methods including caving techniques and HPGR-XRL processing technology with X-Ray Transmission diamond recovery.

The company sells all production exclusively through regular competitive tenders, maintaining strict mine-by-mine separation so that product is never mixed between sources—a provenance differentiator that resonates with downstream manufacturers and luxury brands. Customers are predominantly diamond manufacturers in India (the largest buyer segment) and Israel (growing), with luxury brand partnerships such as Boodles' "Peace of Mined" collection targeting the high-end jewelry segment. Tenders typically attract 100+ companies and pricing is determined by competitive bidding rather than fixed tiers.

Petra generates revenue through rough diamond sales (transaction-based) and the recovery and sale of exceptional stones, including the 41.82-carat blue Type IIb diamond recovered from Cullinan in January 2026 (estimated potential value up to US$40 million). FY2025 revenue was US$206-207 million with 2.4 million carats produced at an average price of US$87/ct, down from US$108/ct in FY2024. The company holds full Kimberley Process Certification and is aligned with the UN Global Compact, ILO, and multiple ISO standards. In November 2025, Petra completed a £18.8 million rights issue and refinancing; in May 2026, Finsch was placed into business rescue and Cullinan initiated Section 189A retrenchment amid an unprecedentedly weak diamond market and lab-grown competition, putting approximately 1,800 jobs at risk.

Name

Petra Diamonds

Legal name

Petra Diamonds Limited

Website

https://petradiamonds.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Petra Diamonds is an LSE-listed independent diamond mining group that operates the Cullinan and Finsch mines in South Africa, selling gem-quality rough diamonds exclusively through competitive tenders to manufacturers in India and Israel, with luxury brand partnerships for rare blue and white diamonds.

Ownership category

akta.pro rank

Product category

Diamond Mining

NAICS

Nonmetallic Mineral Mining and Quarrying (2123), Mining (except Oil and Gas) (212)

SIC

Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)

akta.pro primary industry

Rough Diamond Trading & Brokerage (CRAKAJAC)

Keywords

• Diamond mining
• Rough diamonds
• Gem-quality diamonds
• Diamond tenders
• Underground mining

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Rough Diamond Sales: Petra generates revenue through the sale of rough (unprocessed) diamonds via regular tenders. The company sells directly to manufacturers, primarily in India and Israel, with prices determined through competitive bidding at tenders.
2. Blue Diamond Recovery: Recovery and sale of exceptional blue diamonds from Cullinan Mine, including the 41.82-carat blue Type II diamond recovered in January 2026. These exceptional stones command premium prices.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Petra Diamonds mines and recovers rough diamonds from its two producing South African mines — the Cullinan Mine (famous for rare blue diamonds and large exceptional stones) and the Finsch Mine — and sells this production to international buyers primarily through competitive tender sales and dedicated special sales such as the Letlapa Tala Collection.

Product overview

Petra Diamonds is a leading independent supplier of gem-quality rough diamonds operating in the upstream section of the diamond pipeline—mining, processing, sorting, and selling rough diamonds. The company operates two primary mines in South Africa: Cullinan Mine (acquired July 2008) and Finsch Mine (acquired September 2011). Petra sells its production exclusively through regular tender sales, maintaining strict mine-by-mine product separation without mixing. The company's portfolio is distinguished by its rare blue diamond production from Cullinan Mine and exceptional large white Type IIa diamonds, with the Cullinan Mine being one of the world's only sources of blue diamonds.

Differentiator

Problem solved

Functional benefit

Brands

• Tarorite: Enterprise and Supplier Development programme operated through Tarorite (Pty) Limited to develop learners within the diamond industry through internships and diamond-related courses
• Peace of Mined
• Letlapa Tala Collection

Products and services

• Cullinan Mine Petra's flagship underground diamond mine in South Africa, source of rare blue diamonds and historic large exceptional stones such as the 3,106-carat Cullinan Diamond; production is sold to manufacturers and sightholders.
• Finsch Mine Long-life underground diamond mine in South Africa producing a steady base of high-quality white rough diamonds for sale to manufacturers and sightholders.
• Rough Diamond Tender Sales Regular competitive tender sales offering parcels of rough diamonds from Cullinan and Finsch to approved sightholders and manufacturers globally.
• Letlapa Tala Collection Curated collection of larger and exceptional rough diamonds offered through dedicated special sales, providing buyers with access to high-value stones outside the regular tender schedule.
• Blue Diamond Recoveries (Cullinan) Recoveries of rare blue diamonds from the Cullinan Mine, including a 41.82-carat blue diamond, sold via tender and dedicated special sales channels to high-end buyers.

Quantifiable outcome

• 7 fatality-free years achieved at Cullinan operations
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature3 records

Partnerships

Eleven partnerships are on record, tiered strategic, core and minor.

• Etana EnergystrategicStrategic or Co-development Partner · 1 January 2024South African licensed energy trader providing renewable energy through Power Purchase Agreements (PPAs) to both Cullinan and Finsch operations, supplying 36-72% of expected load requirements.
• TracrcoreTechnology or IntegrationBlockchain traceability partnership enabling end-to-end provenance tracking of diamonds from mine to consumer, providing assurance of ethical sourcing through the Tracr and Sarine collaboration.
• Sarine TechnologiescoreTechnology or IntegrationDiamond traceability technology provider working with Petra and Tracr to deliver blockchain-based provenance tracking for every gem and near gem diamond from 0.5 to 10ct plus.
• ShellminorImplementation/ SI/ Consulting PartnerPartnership through which Dlongolo Investments, a local SMME from Cullinan community, became exclusive supplier of Shell Single Point Lubricators to the mine, supporting local enterprise development.
• BoodlescoreStrategic or Co-development PartnerLuxury jewelry brand partnership for Peace of Mined collection using Cullinan diamonds, including community initiatives like dignity pack distribution to local schools.
• Herbert Smith Freehills Kramer LLPcoreOthersUK legal advisor to Petra Diamonds for corporate and regulatory matters.
• Conyers Dill & PearmancoreOthersBermuda legal counsel for Petra Diamonds.
• Natural Diamond Council (NDC)strategicOthersIndustry association membership - NDC aims to advance the integrity of the modern diamond jewellery industry and inspire, educate and protect the consumer.
• Kimberley ProcessstrategicOthersInternational certification scheme for rough diamonds - Petra conducts all operations according to Kimberley Process standards and only operates in member countries.
• International Labour Organization (ILO)strategicOthersPetra has aligned its principles with the ILO Declaration on Fundamental Principles and Rights at Work.
• UN Global CompactstrategicOthersPetra's sustainability strategy and policies are aligned with the 10 principles of the UN Global Compact.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ALROSA: ALROSA is the world's largest rough diamond producer by volume, operating primarily in Russia. It is the closest large-scale analog to Petra in the upstream rough diamond mining and tender sales business.
• De Beers Group: De Beers is the world's most iconic diamond miner and the dominant supplier of gem-quality rough diamonds through its sightholder tender system. Direct competitor to Petra in the upstream rough diamond market with a similar mine-to-tender sales model.
• Dominion Diamond Mines: Dominion Diamond (formerly Dominion Diamond Corporation) operates the Ekati mine in Canada, producing gem-quality rough diamonds. A direct upstream peer comparable to Petra's mining and tender sales model.
• Mountain Province Diamonds: Mountain Province is a mid-tier diamond miner with operations at Gahcho Kué in Canada, producing gem-quality rough sold through tender. Comparable size and asset focus to Petra's producing mines.
• Lucara Diamond Corp: Lucara operates the Karowe mine in Botswana, famous for large exceptional diamonds and a similar tender-driven sales model. Comparable to Petra's Cullinan in the recovery of rare, large stones commanding premium prices.
• Gem Diamonds: Gem Diamonds is a London-listed diamond miner operating Letlhakane and the high-value Letšeng mine in Lesotho. Comparable to Petra in size, listed status, and focus on exceptional large stones via tender sales.

Emerging players

• Stellar Diamonds (formerly): Stellar Diamonds (now part of Newfield Resources) is a small-cap Africa-focused rough diamond developer. A smaller emerging player in the same upstream rough diamond mining space as Petra.
• Firestone Diamonds: Firestone Diamonds operated the Liqhobong mine in Lesotho, a smaller-scale rough diamond producer. Comparable mid-tier listing and African operational footprint to Petra.

Broad incumbents

• Rio Tinto (Diamonds): Rio Tinto's diamonds division (including the now-closed Argyle mine) was a major rough diamond producer. It is a broad incumbent competing in the same upstream space with a diversified mining portfolio.
• Anglo American (formerly parent of De Beers): Anglo American holds a controlling stake in De Beers, the largest diversified mining conglomerate with major diamond exposure. Broad incumbent competing in the same upstream diamond value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Petra_Diamonds
• LinkedInlinkedin.com/company/237720

Compliance17 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petra Diamonds