De Beers had two more strikeouts with its Exceptional Blue Collection recovered in Petra’s South African Cullinan mine, this last Dec. 7 - perhaps a harbinger of waning demand in the colored diamond auction market.
Miner Petra Diamonds, which sells its entire production via Antwerp, announced they will invest $289 million to extend the life of both the Cullinan and the Finch mine. Thanks to an investment of approximately $173 million in the Cullinan mine and $216 million in the Finch mine, the mines will be able to stay in business until 2031 and 2030 respectively. Expectations are this would yield an additional 30% in revenue. According to Petra, both mines have the potential to produce even longer.