Petra Diamonds, which has operations in South Africa and Tanzania, earned $366 million in revenue from its seventh rough diamond tender for the fiscal year (FY) 2024, a 13% growth compared to $324 million in FY 2023.
Company chief executive Richard Duffy said like-for-like prices were down 3.8% compared to tender 6 as a result of the continued softness in demand for coarser goods, specifically stones between 1 and 10 carats in size.
Average like-for-like prices for FY 2024 were down 12.4% compared to prices achieved in FY 2023.
“We expect a subdued market through to the end of this calendar year. Our recently published FY 2025 pricing assumptions remain unchanged,” he said.
“In addition to the rough diamond sales..., we [also] benefited from the sale of three partnership stones, with Petra’s profit uplift totalling $1.3 million for FY 2024 compared to $1.4 million realised in FY 2023.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
