Petra Diamonds Appoints Questco as Company Considers Asset Sales Amid Liquidity Pressure
London-listed Petra Diamonds has appointed South African corporate advisory firm Questco Corporate Advisory to manage a strategic review as the diamond producer explores options to address its near-term liquidity needs.
The appointment follows Petra’s decision last week to undertake a strategic review after consultations with key stakeholders, including its first- and second-lien creditors.
The review will consider all potential options available to the company, including a possible sale of some or all of its assets.
Petra has stressed that there is no certainty that an asset sale will take place.
Questco has been appointed to lead the process and is inviting interested parties to express an interest in participating in the review.
Petra’s financial position has come under increasing pressure amid prolonged weakness in the natural diamond market.
The company reported net debt of about US$322 million at the end of June 2026, up from US$298 million three months earlier.
The company also secured an additional US$300 million working-capital facility as it works to strengthen its liquidity position.
Petra’s principal operating asset is the Cullinan Diamond Mine in South Africa, one of the world’s best-known diamond mines and the source of the 3,106-carat Cullinan Diamond discovered in 1905.
Its other South African operation, Finsch, entered business rescue in May 2026 after prolonged weakness in the market for the smaller diamonds produced by the mine.
Petra had previously also operated the Koffiefontein mine in South Africa and Williamson mine in Tanzania, both of which have since been sold.
Cullinan remains central to Petra’s operations and accounted for about 66% of the company’s mine revenue in financial year 2025.
The mine is expected to remain in production into the late 2040s, supported by further development aimed at increasing production and improving its diamond product mix.
The strategic review therefore comes at a critical point for Petra as it seeks to balance its financial obligations with the value of its remaining assets.
The company said the outcome of the review remains uncertain and that further announcements will be made as the process progresses.
