Petra rakes in $86.1mln from fifth tender cycle

Petra Diamonds sold 635,806 carats of diamonds for $86.1 million at the fifth tender of the fiscal year 2022 from four of its mines in South Africa and Tanzania.
It said the fifth tender cycle included one exceptional stone from the Cullinan mine, a 13.74ct blue stone.  
This was sold for $5.7 million into a partnership with Stargems, with Petra retaining a 50% interest in the profits of the resultant polished stones, net of costs.
“As anticipated, these prices were below the significant increase we saw in our March sales, reflecting the seasonally quieter period and the ongoing uncertainty around the impact of the conflict in Ukraine,” said company chief executive Richard Duffy.
“Prices nevertheless remain above our December tender levels, providing for some consolidation in a diamond market that continues to be supportive.”
Petra said like-for-like rough diamond prices decreased by 23.7% on the fourth tender held last March, but was up 3.2% on the third tender conducted in December 2021, with the balance of price movement attributable to product mix.
Strong demand was again evident across all size and quality categories. 

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