Petra earns $128.3mln from third tender of fiscal year 2022

Petra Diamonds sold 885,136 carats at its third tender of the fiscal year 2022 for a total of US$128.3 million.
The Aim-listed diamond company, which decided to release sales results post each of its tender cycles, sold 752,920 carats a year earlier for $98.1 million.
It said the latest tender cycle included a 295.8 carat white stone from the Cullinan mine that was sold for $13.9 million to Stargems DMCC.
The tender cycle also included the first parcel sold on behalf of Williamson Diamonds post the restart of operations.
Petra said a total of 26,611 carats were sold from the Williamson parcel, including a 32.32-carat exceptional pink diamond which sold for $13.8 million to Diacore International.
The balance of goods from the Williamson parcel was sold for $6.4 million, averaging $241 per carat.
“These strong sales results are further evidence of the robust health of the diamond pipeline,” said Petra chief executive Richard Duffy.
“The rough market is currently being driven by strong sales of polished diamonds and increased demand from the manufacturing centres, which in turn reflects positive end consumer markets, particularly in the run-up to the festive selling season.”
He said demand at the latest tender cycle appeared to span across the entire spectrum of rough assortments and sizes and reflects the real shortages of quality goods further to the recent contraction of global rough supply.
Petra has sold about 1,6 million carats since the beginning of the fiscal year 2022 for 264.7 million dollars.

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