Petra Diamonds to cut jobs, places S.African Finsch mine on business rescue (updated)
UPDATE 1-Petra Diamonds to cut jobs, places S.African Finsch mine on business rescue Adds details from paragraph 2
May 29 (Reuters) - Petra Diamonds PDL.L said on Friday it was cutting jobs across the group and placing its Finsch mine under bankruptcy protection to restructure the operation, as the Middle East turmoil, a stronger South African rand and a weak diamond market squeeze its business.
The London-headquartered company, which employs more than 4,000 people, did not disclose how many jobs would be cut, but said it was launching a consultation process with employees and unions.
Petra said Finsch, which accounted for 34% of its revenue in fiscal 2025 and produces mostly stones of 2 carats and below, had been pressured by a structural decline in prices for smaller diamonds.
CEO Vivek Gadodia said the company does not expect a material near-term recovery in smaller diamond values. Petra suspended its fiscal 2026 to 2030 guidance.
(Reporting by Nithyashree R B in Bengaluru; Editing by Vijay Kishore and Diti Pujara)
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