Petra Diamonds, which has interests in three underground mines in South Africa and one open pit mine in Tanzania, realised $44 million from the sale of 371,000 carats during its sixth tender cycle.
It said the diamonds were sold at an average price of $118 per carat.
Like-for-like rough diamond prices decreased by 2.6% on tender five of the fiscal year (FY) 2024, which is largely ascribed to seasonal weakness being evident across virtually all size categories.
Average like-for-like prices for the six tenders thus far in FY 2024 were down 8.6% year-to-date compared to the equivalent tenders of FY 2023, it said.
“We continue to see evidence of stabilisation in the market and are cautiously optimistic that demand and pricing will improve towards the end of this calendar year,” said Petra chief executive Richard Duffy.
“We plan to conclude a seventh sales cycle closing before the end of June 2024."
Petra said the balance of price movements was attributable to product mix, with average prices per carat received being 13% lower than the previous tender, largely as a result of the 14.76ct exceptional colour and clarity blue diamond, which sold for $8.2 million in Tender 5 FY 2024. “Although Williamson's average price was up around 3% compared to the previous tender, average prices for this cycle were impacted by a reduced prevalence of higher-valued single stones,” it said.
“This reduced prevalence is ascribed to the mining areas currently being accessed and is expected to be temporary in nature.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
