1. High debt levels - Petra Diamonds Limited has a relatively high level of debt compared to its peers, which can limit its financial flexibility and increase its risk profile.

2. Operational challenges - The company has faced operational challenges in recent years, including labor disputes and technical issues at its mines. These challenges have impacted its production levels and profitability.

3. Volatile diamond prices - Petra Diamonds operates in a market where diamond prices can be highly volatile. This can impact the company's revenue and profitability, especially during periods of economic downturn or reduced consumer demand.

4. Limited geographic diversification - The company's operations are primarily focused in Africa, specifically in South Africa and Tanzania. This lack of geographic diversification exposes Petra Diamonds to country-specific risks, such as political instability or regulatory changes.

5. Environmental and social concerns - The diamond mining industry is often associated with environmental and social concerns, including land degradation, water pollution, and human rights issues. Petra Diamonds has faced criticism and legal challenges related to these issues, which can negatively impact its reputation and stakeholder relationships.

6. Reliance on a single commodity - Petra Diamonds' business is heavily reliant on the price and demand for diamonds. This concentration of operations and revenue in a single commodity exposes the company to risks associated with fluctuations in the diamond market, such as changes in consumer preferences or the emergence of synthetic diamonds.