Petra Diamonds Appoints Joint CEOs Amid $69 Million Loss in Challenging Market

The company confirmed that Richard Duffy has stepped down as CEO “by mutual agreement and with immediate effect.”

To steer the company through ongoing market challenges, Petra Diamonds has appointed Vivek Gadodia, its Chief Restructuring Officer, and Juan Kemp, the Operations Executive at its Cullinan mine in South Africa, as joint interim CEOs.

The diamond miner attributed the increased losses—up from $11 million in the same period the previous year—to prolonged weakness in the global diamond market. Its net debt rose to $215 million as of December 31, compared to $193 million at the end of June 2024, impacted by sluggish demand and the timing of tender sales.

Despite financial pressures, Petra reported a positive shift in operational cash flow, improving to $16 million from a previous $21 million outflow, thanks to an ongoing cost-cutting initiative. The company has been restructuring its portfolio, selling its interest in Koffiefontein last October and agreeing to sell the Williamson mine in Tanzania for approximately $16 million in January.

Following these divestments, Petra Diamonds now retains ownership of the Cullinan mine—renowned for producing the world’s largest gem-quality diamond 120 years ago—and the Finsch mine in South Africa’s Northern Cape province.

As the company navigates a challenging diamond market, all eyes will be on its new leadership team and their strategy to stabilize operations and drive future growth.