Petra Diamonds realised $42.1 million from 468,817 carats sold at its fifth tender of the financial year 2023.
These parcels sold contain predominantly higher-valued diamonds, resulting in heavily diluted average prices for both the Cullinan Mine and Finsch in South Africa.
No sales for either Koffiefontein or Tanzania’s Williamson were recorded in this cycle, given the suspension of operations at both mines.
Petra said the cycle included one exceptional stone, a 354.04-carat near-gem quality stone from Cullinan Mine that was sold for $5.6 million.
Parcels containing 75,880 carats were withdrawn, which are now planned to be sold later this month and in June.
Company chief executive Richard Duffy said they registered a soft demand following stronger sales in our fourth tender cycle, which closed last March.
“As a result, like-for-like prices for the goods sold declined compared to Tender 4 and were marginally lower compared to Tender 3,” he said.
“We withheld parcels with a combined weight of [75, 880] carats of gem and near-gem quality goods throughout all size ranges in expectation of an improved pricing environment in May and June.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
These parcels sold contain predominantly higher-valued diamonds, resulting in heavily diluted average prices for both the Cullinan Mine and Finsch in South Africa.
No sales for either Koffiefontein or Tanzania’s Williamson were recorded in this cycle, given the suspension of operations at both mines.
Petra said the cycle included one exceptional stone, a 354.04-carat near-gem quality stone from Cullinan Mine that was sold for $5.6 million.
Parcels containing 75,880 carats were withdrawn, which are now planned to be sold later this month and in June.
Company chief executive Richard Duffy said they registered a soft demand following stronger sales in our fourth tender cycle, which closed last March.
“As a result, like-for-like prices for the goods sold declined compared to Tender 4 and were marginally lower compared to Tender 3,” he said.
“We withheld parcels with a combined weight of [75, 880] carats of gem and near-gem quality goods throughout all size ranges in expectation of an improved pricing environment in May and June.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
