Petra Diamonds' Finsch mine, in South Africa
London-listed Petra Diamonds has released initial results for its Tender 2 sales, which have been brought forward owing to a two-month moratorium on diamond imports to India starting on October 15.
The initial results of Tender 2, which account for 75% of the total tender volume, indicate sales of 344 554 ct for $30.2-million.
The average price realised in the tender was $88/ct, which is between 16% and 18% lower than the average price achieved in Tender 1 on a like-for-like basis, reflecting prevailing market weakness.
The sale of the remaining 25% of the volume of Tender 2 is scheduled to close on or about October 11.
Petra expects the two-month moratorium on imports to India and curbed supply to the world market overall to help bring some much-needed stability and support for the diamond market, as well as diamond prices.
The company will share its insight on current market volatility and associated near-term uncertainty when it publishes its 2023 full-year results on October 10.