JCK Take 3: De Beers, Petra Diamonds, India Jewelry Exports

By JCK News Desk | June 16, 2026

De Beers Sale Could Be Finalized Within Weeks, CEO Says

The sale of De Beers has “never been closer,” CEO Al Cook (pictured) said today in an interview with Reuters at the news agency’s NEXT Europe conference in London.

“I’m hopeful that it’ll happen in weeks rather than months,” said Cook. Negotiations, he told Reuters, are “now maturing.”

Anglo American put De Beers up for sale in May 2024, amid declining diamond prices and increasing competition from lab-grown stones. Among the interested parties are governments of key diamond-producing countries, including Botswana—which already owns a 15% stake in De Beers—Namibia, and Angola.

Those nations are in consortia with companies that are seeking to acquire De Beers. Cook suggested new ownership could be a public-private partnership model, telling Reuters the process has attracted parties that “really understand diamonds.”

Cook cautioned that the terms still need to be finalized. “As with all deals, we need to get it over the line,” he said.

Petra Diamonds’ Job Cuts Spark Union Backlash

South Africa’s National Union of Mineworkers (NUM) is pushing back against Petra Diamonds’ plan to place its Finsch mine into business rescue—a legal process for financially troubled companies—and to cut hundreds of jobs.

Finsch’s potential closure threatens nearly 700 jobs, while additional cutbacks at Petra’s Cullinan mine could affect a further 1,090 workers, according to NUM. The union warned that these reductions would jeopardize the economic stability of mining communities heavily reliant on the operations.

“It is unacceptable for companies to continuously point fingers at labor costs whenever they face operational or financial challenges,” said Masibulele Naki, NUM’s chief negotiator and national health and safety secretary for Petra Diamonds in a statement. “Workers are not a liability on a balance sheet; they are the creators of value and wealth in the mining industry.”

The union expressed concern over what it sees as a growing trend in the mining sector: companies opting for layoffs and business rescue as a first response rather than a last resort. NUM has urged the South African government to intervene in order to preserve jobs and stabilize mining operations.

“The government cannot be a spectator while nearly 1,800 workers and their families face an uncertain future,” the union said, emphasizing the industry’s critical role in the national economy.

Other mining companies around the world have also been facing economic challenges. Storm Mountain Diamonds recently announced a temporary closure of its Kao mine in Lesotho, while Burgundy Diamonds is seeking a buyer for Canada’s Ekati mine after entering creditor protection.

India Exports Slip as Constraints on Gold Tighten

India’s gem and jewelry exports totaled $4.27 billion for April and May, down 6.03% in dollar value but up 3.99% in rupee terms compared with the same period last year, according to the Gem & Jewellery Export Promotion Council (GJEPC).

The decline in dollar value was driven largely by a sharp fall in plain gold jewelry shipments, which dropped 40.11% to $635.95 million, from $1.06 billion a year earlier, GJEPC said. The organization attributed the decrease to high gold prices, reduced availability of raw material for export manufacturing, and regulatory bottlenecks affecting gold supply through banking channels.

GJEPC flagged concerns about tightening gold supply, noting that consumption for export production fell to an estimated 11 tons for April and May, from about 14 tons a year earlier. GJEPC chairman Kirit Bhansali said the industry has raised the issue with the government.

Rising input costs are compounding the problem. GJEPC said the average gold price climbed over $4,700 per ounce during April and May, while higher import duties and unchanged duty drawback rates have pressured exporter margins. The group warned that the industry is facing a “serious liquidity and raw material availability crunch” and is seeking government action to support competitiveness.

There was mixed performance among gem and jewelry categories during the period, GJEPC reported. Cut and polished diamond exports declined 9.06% to $1.87 billion, while silver jewelry exports surged 172.53% to $365.77 million, underscoring a shift in demand toward lower-cost materials. Platinum jewelry exports also rose, while colored gemstone shipments fell modestly.

The JCK News Desk uses AI to help research and produce the first draft of articles. This story was then reviewed by staff writer David Blomquist.