News

Petra Diamonds will put its Finsch mine in South Africa up for sale after business rescue practitioners failed to identify a viable option for restarting operations. The company’s lenders have approved a plan to sell all of the mine’s assets in an effort to “recover the maximum amount of value possible for Finsch’s creditors,” Petra said in an update Friday. Petra has secured funding from a creditor to support limited activities at the mine ahead of the sale, including the reclamation of assets. Proceeds from...

Fancy-Color Price Index Holds Steady in Second Quarter Prices for fancy-color diamonds edged down 0.1% in the second quarter, as gains in pink diamonds largely offset modest declines in blue and yellow categories, according to the Fancy Color Research Foundation (FCRF). Pink diamonds posted the strongest performance during the three months ended June 30, rising 0.1% after a 0.3% decline in the first quarter, the FCRF reported Monday. Growth was concentrated in smaller and mid-sized stones, with both 2-carat and 3-carat pink diamonds increasing 0.6%,...

Gemfields' First-Half Revenue Surges Despite Ruby Recovery Challenges Gemfields nearly doubled its revenue in the first half of 2026, driven by stronger auction sales despite ongoing challenges recovering premium-grade rubies at its Montepuez mine in Mozambique. Auction revenue rose 72% year on year to $102.9 million for the six months ended June 30, the company said Thursday in a trading update. The increase came even as premium-grade ruby recovery at Montepuez remained below expectations, with yields averaging just 0.025 carats per tonne. To improve recoveries,...

TAGS Tender Generates $21.7 Million as Rough Diamond Prices Beat Expectations Trans Atlantic Gem Sales (TAGS) generated more than $21 million in sales at a recent rough-diamond tender, with prices surpassing sellers' expectations amid continued demand for large, high-value stones. The company, in partnership with Angola's state-owned diamond producer Sodiam, held the tender in Luanda in early June. The sale featured diamonds weighing 10.8 carats and above from 10 different mining operations, along with a full run-of-mine production from an 11th supplier. The auction achieved...