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Petra Diamonds projects flat diamond prices in FY 2017

17 march 2017
Petra Diamonds said it is conservatively guiding for flat diamond pricing for its fiscal year 2017, but improved product mix is expected for Finsch, Cullinan and Koffiefontein mines in South Africa.
The group said in a presentation at the Bank of America Merrill Lynch Sun City Conference that it was expecting Finsch to record an average price of $100-105 per carat during the fiscal year 2017, while Cullinan was expected to register $105-115 per carat and Koffiefontein $520-550 per carat.
This projection, however, excluded stones above $5 million in value.
Finsch recorded an average price of $98 per carat during the first half of its fiscal year 2017, while Cullinan registered $127 per carat and Koffiefontein $495 per carat.
“The first half of H1 FY 2017 saw steady market conditions, with pricing on a like for like basis generally on par with H2 FY 2016,” said Petra.
Finsch registered an average price of $89 per carat during the fiscal year 2016, Cullinan posted $126 per carat while Koffiefontein recorded $462 per carat.
Meanwhile, Petra said there are signs of stabilisation in rough diamond market evident with steady demand across majority of size ranges, except in the smaller, lower value categories which experienced some pressure in December 2016 tender due to the Indian government’s demonetisation policy.
Petra Diamonds’ first half revenue for the fiscal year 2017 leaped 48 percent to $228.5 million compared with $154.0 million, a year earlier.
The increase in revenue helped its half earnings before interest, tax, depreciation and amortisation rise to $87.1 million from $48.5 million.
Its adjusted net profit after tax was also up 348 percent to $28.2 million from $6.3 million during the same period last year.
The group’s production jumped 24 percent to 2,02 million carats during the period under review compared with 1,62 million carats, a year earlier.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished