Petra Diamonds increases sales but average price per carat falls

11/24/2022 | 09:34am

(Alliance News) - Petra Diamonds Ltd on Thursday said it increased its diamond sales in the second tender for the financial year, but the average price per carat fell.

The diamond mining company with operations in South Africa and Tanzania said its diamond sales in its second tender that ended November was GBP61.3 million, trebling from USD21.5 million during its second tender in October 2021 of its financial year 2022 that ended June 30.

The final closure of the second tenure was delayed to November compared to October in the previous year due to unusual market conditions with some build up in inventory pre-Diwali. This extension resulted in an overall price increase of around 6.4% on the affected parcels.

Petra Diamonds said the second tender results brought its year-to-date financial 2023 revenue including the first and second tender to USD164.1 million, up 20% from USD136.4 million for the first two tenders of its financial 2022.

The average price per carat fell by 15% to USD137 per carat from USD162/ct a year prior, due to subdued demand in China continuing to impact pricing in gem quality within a 0.75ct to 5ct size range.

It noted pricing across smaller size ranges was largely flat on the first tender of the financial year in September.

Shares in Petra Diamonds were down 3.0% to 94.56 pence each in London on Thursday afternoon.

By Greg Rosenvinge; gregrosenvinge@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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