Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Petra's revenue takes a knock

12 october 2023

Petra Diamonds, which has operations in South Africa and Tanzania says its revenue declined by 42% to $325.3 million in the fiscal year (FY) ended 30 June 2023 compared to the previous year’s $563.7 million.

Company chief executive Richard Duffy said the year-on-year reduction in revenues mainly relates to no contribution from exceptional stones, a 33% reduction in rough diamonds sold due to a 20% reduction in diamonds recovered and the deferral of the majority of tender six sales and about 76 000 carats of predominantly higher value stones from tender five from FY 2023 to FY 2024.

He said like-for-like prices increased by around 2% year-on-year and revenue from profit share agreements increased to $1.4 million compared to FY 2022’s $1.1 million.

Duffy said diamond inventory increased to 715 200 carats valued at $65.9 million at the end of the year, compared to 381, 700 carats worth $40.2 million at 30 June 2022 due to the deferred sales.

“While our first four tenders in the year reflected strong consumer demand and early optimism that Chinese demand would recover after the lifting of COVID-19 restrictions, the rough diamond market softened towards the end of the year, which has continued into FY 2024,” he said.

“The progress we have made to strengthen the balance sheet over the last few years, coupled with our flexible sales process, leaves us well placed to respond to short-term weakness in the diamond market.”

Duffy said FY 2024 sales have so far reflected persistently softer market conditions due to prevailing macroeconomic uncertainties and the temporary Indian diamond import moratorium announced in late September 2023, which is intended to bring some much-needed stability and strength to the market and prices.

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