Petra Diamonds accrued $53 million in sales from its combined fifth and sixth tender cycle, selling 613,682 carats—a decline from the $93 million achieved on 733,236 carats in the same period a year earlier.
It said the weaker performance shows broader diamond market softness, with year-to-date revenue at $239 million from 2.39 million carats, down from $329 million on 2.82 million carats a year earlier.
In response to shifting demand and pricing volatility, Petra has moved away from fixed tender schedules, opting instead for a more flexible sales approach, including run-of-mine transactions.
"Reporting tender results on a tender-by-tender basis is no longer appropriate, and sales results will be reported quarterly, along with the operating update, in the future," it said.
Petra said although like-for-like prices improved 3% compared to its fourth tender this year, they remain 16% lower year-on-year.
The miner, which operates South Africa’s Cullinan and Finsch mines, recently completed the sale of its Tanzanian Williamson asset as part of efforts to streamline operations.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
