Petra Diamonds will close its Finsch mine and reduce staff to focus on higher-value stones at Cullinan amid a weak diamond market and currency challenges.
- Petra will shutter the Finsch mine, which primarily produces smaller diamonds, due to weak market demand and low prices.
- The company will focus on the Cullinan mine, known for larger, higher-value stones that have better price resilience.
- Petra plans layoffs across its operations and has entered Finsch into business rescue to avoid liquidation and reduce capital spending.
Rapaport Trade Insight:
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