Petra Diamonds delays sale amid US tariffs uncertainty

Africa-focused Petra Diamonds has postponed a scheduled sale of about 200,000 carats of diamonds from its Cullinan mine in South Africa, citing uncertainty over the impact of new US tariffs.

Last week, US President Donald Trump announced sweeping import tariffs ranging from 10% to over 100%, including a 30% duty on many South African goods. The move has injected volatility into the global diamond market.

Petra, which holds the world’s third-largest diamond resource, said the decision to delay the Cullinan sale aims to secure stronger market prices once the tariff situation becomes clearer. The sale had been expected to generate approximately $18 million in revenue.

Despite the disruption, the company managed to complete sales from its Finsch mine in South Africa and the Williamson mine in Tanzania before the tariffs were introduced.

South Africa remains one of the largest diamond exporters to the US, alongside India.

So far in the 2025 financial year, Petra has earned $103 million from rough diamond sales, down from $138 million during the first five tenders of the previous year.

Source: mining.com

Tanzania Reports Record $63 Million in Diamond Exports Despite Williamson Mines Closure

 

                  Tanzania Diamond mines

The Bank of Tanzania announced that the country’s diamond exports increased significantly to $63.1 million (USD) in value by November 2022. This is more than seven times of the $8.4 million export value that was recorded in the year-over year analysis since November 2021.

The good performance of the company has been attributed to the country’s diamond producer Williamson Mines which has temporarily shut down operations due to a recent tailings breach on November 7, 2022. The mine is an open pit operation located on the 146-hectare Mwadui kimberlite pipe, which is one of the world’s largest economic kimberlites.

The company belongs to the parent company Petra Diamonds, which owns 75 percent of the company, and the Tanzanian government owns the remainder. According to Petra’s official statement, production at the Williamson mine will resume in the 2024 fiscal year.

Source: DCLA