Petra announced the results of Tender 6 of FY 2022, at which 569,496 carats were sold for a total of US$93.0 million, bringing total sales for FY 2022 to US$584.5 million across Petra’s mining operations.
Like-for-like rough diamond prices increased by 7.7% on Tender 5 (announced on 3 May 2022) while full year like-for-like prices increased 41.5% compared to FY 2021, with the balance of price movement attributable to product mix. Strong demand, with resultant price increases, was evident across all size and quality categories.
No Exceptional Stones were sold during this tender cycle. During FY 2022, revenue from Exceptional Stones totalled US$89.0 million (US$75.2 million from Cullinan Mine and US$13.8 million from Williamson) compared to US$62.0 million Exceptional Stone revenue (all from Cullinan Mine) in the previous year. Petra classifies ‘Exceptional Stones’ as rough diamonds that sell for US$5 million or more each.
Richard Duffy, Chief Executive Officer of Petra Diamonds, said: “The Tender 6 results conclude a strong year for Petra’s diamond sales both in terms of pricing and the demand we have seen. The significant interest shown at Tender 6 bears testament to the ongoing strength of the rough diamond market. We have seen pricing support across our product mix, with particular strength in the prices of both white and coloured gem-quality stones over the last 12 months.”
The Company will provide further details of operating results when it releases its FY 2022 Trading Update on 19 July 2022.
Tender 1 of FY 2023 is expected to take place August/September 2022.
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