Saturday, 28th January 2023

Petra Diamonds sold 447,276 carats from across its mining operations for $61.3 million during its second tender for the fiscal year 2023.

The results of the second tender for the fiscal year 2023 bring revenue from rough diamond sales to $164.1 million, with no exceptional stone sales year to date, compared to $136.4 million in the first two tenders of the fiscal year 2022, which included a $50.2 million contribution from exceptional stones.

Company chief executive Richard Duffy said this is a creditable result in the current somewhat muted market, with like-for-like prices 12.6% higher compared to the second tender of the fiscal year 2022 and 5.1% lower than the first tender of the fiscal year 2023.

“Demand for fancy coloured and large white stones continued to be evident despite this being a seasonally weaker period,” he said.

“Subdued demand in China continued to impact pricing in the gem quality 0.75ct up to 5ct size ranges, with some pricing pressure also evident in the 5ct – 10ct range.

“Pricing across smaller size ranges was largely flat on the previous tender.”

Duffy said Petra continues to expect a supportive diamond market in the medium to longer term as a result of the structural supply deficit.

“We see current levels of demand continuing into the New Year, albeit with the potential upside of festive season sales and any easing of lockdown restrictions in China,” he said.

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