Africa’s diamond industry faces a new reality as Petra moves key mine into rescue and cuts jobs

The crisis engulfing the global diamond industry has claimed another major casualty. Petra Diamonds, one of Africa’s largest diamond producers, is placing its Finsch mine in South Africa under business rescue and preparing for job cuts across the group after warning that prices for smaller diamonds may not recover anytime soon.

Africa’s diamond industry faces a new reality as Petra moves key mine into rescue and cuts jobs. The crisis engulfing the global diamond industry has claimed another major casualty. Petra Diamonds, one of Africa’s largest diamond producers, is placing its Finsch mine in South Africa under business rescue and preparing for job cuts across the group after warning that prices for smaller diamonds may not recover anytime soon. The move is more than a company restructuring. It is one of the clearest signs yet that the natural diamond industry is undergoing a fundamental shift as weakening luxury demand, competition from lab-grown stones and global economic uncertainty squeeze producers across Africa. For countries such as South Africa, Botswana and Namibia, where diamonds remain a major source of jobs, export earnings and foreign investment, P...