Petra Diamonds on Sept. 14 announced it has completed the acquisition of the Finsch diamond mine in South Africa from De Beers Consolidated Mines.

The acquisition was first announced on Jan. 21.

Finsch will become the eighth producing diamond mine in Petra’s portfolio. It is expected to more than double Petra’s annual production, contributing more than 1.5 million carats a year. 

Petra will assume management at the mine with immediate effect. The company has expanded its diamond marketing team to manage the increased tender activity. 

In 2007, Petra bought De Beers’ Cullinan and Kimberley mines, both based in South Africa