Petra Diamonds made $79.3 million off of the sale of 696,194 carats at the first tender of the fiscal year 2024.
Diamonds from the Cullinan Mine and Finsch in South Africa were included in the tender, along with the 75,900 carats that were withdrawn from the May offer after the decision to postpone the June tender.
The miner said prices for the goods remained largely flat compared to the bids received in May.
“We saw very strong attendance at the tender although demand was more muted than we had expected in exiting the summer holiday period,” said company chief executive Richard Duffy.
“Average prices for both Cullinan Mine and Finsch benefited from an improved product mix, while like-for-like prices declined by 4.3% compared to our most recent tender, Tender 5 of FY 2023, which closed in May 2023.”
A 20.9 carat yellow diamond from the Cullinan Mine was sold for $1.7 million, realising $82,630 per carat, he said, demonstrating the projected seasonal rise in demand for larger stones.
Like-for-like prices fell by nearly 14% from the May tender, which was countered by less demand for stones in the 2-10 carat size category.
Price increases of 2% to 4% were seen in smaller categories, where demand remained strong.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
