Petra Diamonds brought forward its second tender sales for the fiscal year 2024 in response to the recently announced two-month moratorium on diamond imports to India commencing on October 15.
The company sold 344,554 carats, representing about 75% of the total tender volume, realising $30.2 million at an average price of $88 per carat.
It said the prices recorded were 16 to 18% lower than prices achieved in the first tender of the fiscal year 2024 on a like-for-like basis, reflecting prevailing market weakness.
It said the steps taken by major producers to curb supply to the market and the two-month Indian moratorium are expected to bring some much-needed stability and support to the market and in turn prices.
“In the medium to longer term, we continue to expect prices to benefit from the structural supply deficit,” it said.
Petra said the sale of the remaining 25% of the volume of the second tender is scheduled to close on or around 11 October 2023.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
