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Diamonds|Financial|Maintenance
Diamonds|Financial|Maintenance
diamonds|financial|maintenance

Petra reports total third-tender cycle sales of $69.7m

14th December 2023

By: Darren Parker

Creamer Media Contributing Editor Online

     

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Diamond producer Petra Diamonds has announced the final sales results for its third tender cycle following further sales of 56 600 ct for $9.3-million. This brings total sales for the cycle to $67.9-million from 519 400 ct sold.

The final sales results delivered a 19.3% increase in like-for-like prices compared with the second tender cycle.

This has reaffirmed the company's belief that diamond prices have likely bottomed.

A further 25 200 ct of goods from the Cullinan and Finsch mines were sold, yielding $3.1-million, while a shipment from Williamson containing 31 400 ct was sold for $6.2-million.

Total revenue from rough diamond sales for the 2024 financial year to date is $187.8-million, compared with $202.8-million in the first three tenders of the 2023 financial year.

This excludes sales from the Koffiefontein mine, which is on care and maintenance.

Year-on-year volume variances were affected by the deferral of certain 2023 financial year sale parcels, which were sold as part of the first tender of the 2024 financial year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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