Around 1,800 jobs are at risk at Petra Diamonds' Finsch and Cullinan mines, part of a wave of South African mining retrenchments that Solidarity says could total more than 4,000 positions in 2026.
Gem Diamonds wrote down the carrying value of its Letseng mine in Lesotho by $77.5m and posted a $104m annual loss as revenue fell 36% amid the diamond market downturn.
Petra Diamonds posted a $188m net loss for the six months to December, warning that continued rand strength was a major risk to the business alongside weak diamond prices.
Botswana is redirecting mineral exploration toward critical minerals rather than diamonds, as a state-owned exploration company targets the 70% of the country never surveyed.
Gem Diamonds recovered a 193-carat white diamond just after quarter-end at Letseng, capping a fourth quarter in which average prices held at $1,288 per carat despite a tough year for the industry.
Botswana Diamonds managing director James Campbell says the Gareth Penny-led consortium is the only bidder with the industry knowledge and government relationships needed to revive De Beers.
The final phase of G7 sanctions on Russian diamonds took effect on 1 January 2026, requiring a due diligence statement of origin for polished stones entering G7 markets.
Tax revenue from Namibia's uranium and gold mines rose to N$2.87bn in the past financial year, almost double the original budget, as diamond earnings weakened and uranium production climbed 22% year on year.
Petra Diamonds secured a refinancing deal pushing out its debt maturities and raising $25m in new equity, sending its shares up sharply.
High-value diamond prices rose about 10% in 2025, offering Petra Diamonds a possible lifeline as it battles debt and a bond maturity.
Petra Diamonds has abandoned its scheduled tender calendar in favour of selling diamonds opportunistically, as weak prices and a deteriorating product mix at Cullinan squeeze revenue.
Petra Diamonds has sold its remaining 31.5% stake in Tanzania's Williamson mine to Pink Diamonds, ending a difficult 16-year involvement in the operation.
