Petra sold $47.8m worth of diamonds in fourth tender

16th February 2024 By: Darren Parker - Creamer Media Contributing Editor Online

Petra sold $47.8m worth of diamonds in fourth tender

Petra Diamonds' Cullinan mine

Diamond producer Petra Diamonds sold 428 900 ct for $47.8-million during its fourth tender cycle of the 2024 financial year.

This represents a 4% increase in like-for-like prices compared with the preceding third tender cycle, which closed in December last year.

Petra reported on February 16 that higher prices were achieved across all size categories, barring the 5 ct to 10.8 ct size range, where prices were largely flat compared with the previous tender cycle.

The results for the fourth tender cycle that Petra released on February 16 exclude a 14.76 ct exceptional colour and clarity blue gemstone that was recovered from the Cullinan mine. The company intends to sell this item on a standalone tender basis, which is expected to close towards the end of the month.

Total revenue for the 2024 financial year to date from rough diamond sales came to $235.6-million, compared with the $278.5-million in revenue generated for the first four tenders of the 2023 financial year, excluding Koffiefontein.

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

Petra said the balance of price movements was attributable to product mix, with both Williamson and Finsch benefitting from an improved product mix as compared with the previous tender.