Petra realises $102.9 mln from first tender of FY 2023

Petra Diamonds has raked in $102.9 million from 520,011 carats sold at its first tender of the fiscal year (FY) 2023.
The diamond miner sold a high proportion of high-value gem-quality single stones particularly from the Cullinan Mine, in South Africa.
“This has resulted in a 21% increase in our average realised price against tender 6 in FY 2022, more than offsetting the 4.5% softening of like-for-like prices,” said company chief executive Richard Duffy.
“We have seen strong support in fancy-coloured and large white stones while the pricing of smaller stones has continued its recent upward trend. Subdued demand in China has led to relative pricing pressure on 0.75ct up to 5ct size ranges”.
He said while Petra expects some volatility in pricing in the short-term given the ongoing macroeconomic situation, the company remains encouraged by the supportive diamond market resulting from the projected supply deficit in the medium to longer term.

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