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

14th December 2023 By: Darren Parker - Creamer Media Contributing Editor Online

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.