Petra realises $72.1m from latest tender cycle

Petra Diamonds’ fourth tender for the fiscal year 2023 rose 12.5% to $72.1 million in like-for-like prices on the third tender of FY 2023, confirming the improving trend observed in the previous tender.
The company sold 505,398 carats from its South African operations. 
No sales for the Williamson Mine in Tanzania were recorded in this cycle as the operations at the mine are still suspended.
It said the cycle consisted of a $7 million exceptional stone from the Cullinan Mine and $4.3 million of Finsch diamonds sold during the first half of FY 2023.
“We ascribe the positive pricing trends to a recovery in demand from China as COVID-19 restrictions continue to dissipate, coupled with a more buoyant outlook from the recent Hong Kong International Jewellery Show,” said Petra chief executive Richard Duffy.
“Stronger demand from major jewellery brands has also supported prices for smaller goods. Solid demand for coloured stones across all size ranges was evident in this cycle leading to improved pricing.”
He said Petra continues to expect a supportive diamond market in the medium to longer-term as a result of the structural supply deficit. 
Current levels of demand remain robust, though the company is aware of possible near-term volatility owing to recent geopolitical and macroeconomic uncertainty, said Duffy.

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