Petra Diamonds, which produces diamonds in South Africa and Tanzania, has recovered $42.3 million from the third tender of its fiscal year 2023.
The miner sold 305,366 carats at an average price of $138 per carat.
Petra sold 885,136 carats during the same period in the fiscal year 2022, realising $128.3 million or $145 per carat.
“Petra’s third tender for FY 2023 saw a 2.2% increase in like-for-like prices on Tender 2 FY 2023, reversing the downward trend observed in the previous two tenders,” said company chief executive Richard Duffy.
“Although it is still too early to speculate on whether rough diamond prices have bottomed out, we are very satisfied with the overall result".
“Prices in the 2ct to 10ct size ranges saw an upward movement in contrast to the recent negative trends, partly ascribed to improving expectations for the current festive season and potentially reflecting signals from the Chinese authorities with respect to an easing of lockdown restrictions.”
He said prices in smaller size ranges saw improved pricing which more than offset softer pricing in the 0.75ct to 2ct ranges.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
The miner sold 305,366 carats at an average price of $138 per carat.
Petra sold 885,136 carats during the same period in the fiscal year 2022, realising $128.3 million or $145 per carat.
“Petra’s third tender for FY 2023 saw a 2.2% increase in like-for-like prices on Tender 2 FY 2023, reversing the downward trend observed in the previous two tenders,” said company chief executive Richard Duffy.
“Although it is still too early to speculate on whether rough diamond prices have bottomed out, we are very satisfied with the overall result".
“Prices in the 2ct to 10ct size ranges saw an upward movement in contrast to the recent negative trends, partly ascribed to improving expectations for the current festive season and potentially reflecting signals from the Chinese authorities with respect to an easing of lockdown restrictions.”
He said prices in smaller size ranges saw improved pricing which more than offset softer pricing in the 0.75ct to 2ct ranges.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
