DiaMondaine Diamantaires Club mulls diamond safari tours in southern Africa

DiaMondaine Diamantaires Club (DDC) is set to organise diamond safari tours in southern Africa, home to major diamond-producing countries. DDC founder Agnes Abdulahu told Rough&Polished’s Mathew Nyaungwa that the launch of the first diamond safari...

15 july 2024

Vladislav Zhdanov: Questions of efficiency and investment potential of diamond mining versus diamond growing pique keen interest

Vladislav Zhdanov is Professor at the National Research University Higher School of Economics (HSE). He told Rough&Polished about new researches into the effectiveness of diamond production methods.

02 july 2024

Why it's expensive to cut and polish diamonds in Africa? ADMA president António Oliveira has the answer

The African Diamond Manufacturers Association (ADMA) president António Oliveira told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that the lack of a robust infrastructure in Africa fails to accelerate and encourage manufacturing...

24 june 2024

Edahn Golan: IPO feasible but not Anglo’s preferred way to sell De Beers

Edahn Golan, owner of the eponymous Edahn Golan Diamond Research and Data, told Rough&Polished's Mathew Nyaungwa in an exclusive interview that while an IPO of De Beers is “feasible,"  he does not think this is a route Anglo American...

17 june 2024

GemsCouture- avant-garde by Victor Moiseikin

Jewelry items and precious souvenirs of the MOISEIKIN jewelry brand are in the museums and private collections of world celebrities, representatives of the political and cultural elite - from Xi Jinping to the British Windsors, from Angela Merkel to...

05 june 2024

Petra boosts Q1 output despite declining revenue

25 october 2023

Petra Diamonds increased its output in the first quarter of the fiscal year 2024 by 12% to 696,639 carats, mainly due to Williamson Mine in Tanzania resuming operations ahead of schedule.

It said production at Cullinan Mine in South Africa was largely in line with expectations, with a small increase in tonnes treated offset by grade trending towards the lower end of expectations.

Petra reported that at Finsch, also in South Africa, tonnes treated decreased by 23% from the previous quarter, but a 26% increase in the run of mine more than offset this trend and reflected increased quarter-to-quarter volatility associated with the sub-level cave maturity.

However, its revenue for the period was $97.6 million, down 4% compared to $101.4 million in the first quarter of fiscal year 2023.

The first quarter revenue included tender one sales of $79.3 million and a portion of tender two sales concluded before September 30, with the balance of tender two adding a further $22.2 million post-period end.

Meanwhile, Petra Diamonds chief executive Richard Duffy said Petra is in discussions with its first lien lender to upsize its existing revolving credit facility.

The company is also evaluating options to provide further financial flexibility, such as optimising its operational expenditure and deferring capital spend.

“We are confident these actions will enable us to navigate this period of market weakness while limiting the impact on our value-led growth strategy," he said.

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