Diamond miner Petra Diamonds sold 635 806 ct of diamonds for $86.1-million during its fifth tender for the 2022 financial year.

This is down from the 735 222 ct sold at the fourth tender, which generated $140.6-million, and the 885 136 ct sold in the third tender for $128.4-million.

On a like-for-like basis, although rough diamond prices decreased by 23.7% when compared with the fourth tender, prices were, however, up 3.2% compared with the third tender, with the balance of price movement attributable to product mix.

Petra CE Richard Duffy says that, as anticipated, the fifth tender prices were below the significant increase the miner experienced in its March tender, reflecting the seasonally quieter period and the ongoing uncertainty around the impact of the conflict in Ukraine.

“Prices nevertheless remain above our December tender levels, providing for some consolidation in a diamond market that continues to be supportive,” he adds.

For the year to date, Petra has sold 2.97-million carats for $491.4-million.

As for specific mine value contribution to the fifth tender, Petra’s Cullinan mine averaged $111/ct, Finsch $122/ct, Koffiefontein $431/ct and the Williamson mine $341/ct.

Petra reports that strong demand was again evident across all size and quality diamond categories, while the reduction in prices (as compared to the highs experienced in March) was in line with other market commentary and was anticipated by Petra’s third quarter trading statement that was released recently.

The fifth tender cycle included an “exceptional” diamond from the Cullinan mine – a 13.74 ct blue diamond, which sold for $5.7-million into a partnership with Stargems. Of this, Petra retained a 50% interest in the profits of the resultant polished diamonds, net of costs.

Petra classifies a rough diamond as “exceptional” if it sells for more than $5-million.

Petra previously entered into a partnership with Stargems on a 342.92 ct Type IIa white diamond that sold for $10-million and an 18.30 ct Type IIb blue diamond that sold for $3.5-million – both from Cullinan.