Petra agrees at least $20m in advances against Cullinan diamonds

Wednesday 4th November 2026

By inAfrika Newsroom

Petra Diamonds said on 4 November that its Cullinan subsidiary had agreed at least $20 million in revolving advance payments against future diamond production, providing short-term funding while the group pursues a strategic review.

Under the binding agreement, a diamond-trading group will advance money against all future run-of-mine production, the company’s operating update said. Petra did not identify the buyer or state that the full amount had already been received.

Cullinan can end the arrangement without a penalty after repaying outstanding amounts. Petra also obtained conditional consent from its senior secured lender, which agreed not to enforce specified defaults until the earlier of 12 months from its letter or repayment of the advances, subject to ongoing conditions.

The strategic review, announced on 1 October, includes refinancing and possible asset sales. Trading in Petra shares remains suspended following delays to its audited annual accounts.

Revenue for the quarter ended 30 September was $21 million, compared with $30 million in the preceding quarter. Petra sold 329,948 carats at an average $63 a carat, against 395,005 carats at $76 previously.

Unrestricted cash was $7 million at September-end, while consolidated net debt had risen to $348 million from $322 million at 30 June.

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