Petra withholds Cullinan diamonds tender as US tariffs create market uncertainty
London-listed Petra Diamonds has postponed its tender five sales of about 200 000 ct of diamonds recovered at the Cullinan mine, in South Africa, until there is greater clarity on the impact of tariffs being implemented by the US on all goods imported into that country.
US President Donald Trump last week announced tariffs ranging from 10% to above 100% on its trading partners across the world. This includes a 30% tariff on many goods imported into the US from South Africa.
The US tariff announcement resulted in considerable diamond market uncertainty, Petra says, adding that the decision to postpone the sale of Cullinan diamonds is expected to “lead to more supportive market prices being obtained for the Cullinan mine goods”.
Nevertheless, tender five sales from Petra’s Finsch and Williamson mines, in South Africa and Tanzania, respectively, generated $18-million in revenue.
The sale of 176 000 ct of diamonds recovered at Finsch and Williamson was achieved before the US tariffs were announced.
Petra reports that it realised 9% higher prices compared with the prior tender, largely owing to like-for-like prices having increased and the nature of the product mix.
Petra has generated $103-million from rough diamond sales, to date, in the 2025 financial year, compared with the $138-million generated in the first five tenders of the 2024 financial year.
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