Petra Diamonds Ltd on Thursday said it increased its diamond sales in the second tender for the financial year, but the average price per carat fell. The diamond mining company with operations in South Africa and Tanzania said its diamond sales in its second tender that ended November was GBP61.3 million, trebling from USD21.5 million during its second tender in October 2021 of its financial year 2022 that ended June 30. Concerning recent tenders Richard Duffy, Chief Executive Officer of Petra Diamonds (Petra), said: “This is a creditable result in the current somewhat muted market, with like-for-like prices 12.6% higher compared to Tender 2 of FY 2022 and 5.1% lower than Tender 1 of FY 2023. Demand for fancy coloured and large white stones continued to be evident despite this being a seasonally weaker period. 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. Although we continue 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.”
Petra announces the results of Tender 2 of FY 2023, at which 447,276 carats were sold for a total of US$61.3 million across Petra’s mining operations.
Source: Petra Diamonds
Photo Credit: Petra Diamonds
