London-listed Petra Diamonds sold 696 194 ct of diamonds, recovered from its South African operations, for $79.3-million in the first tender of the company’s 2024 financial year. No exceptional diamonds were sold as part of the tender.
London-listed Petra Diamonds sold 696 194 ct of diamonds, recovered from its South African operations, for $79.3-million in the first tender of the company’s 2024 financial year.This sales cycle included goods deferred for sale following an earlier decision to defer the majority of tender six in June, as well as the goods withdrawn from the company’s May tender , with prices for these goods remaining largely flat compared with the bids received in May.
“We saw very strong attendance at the tender, although demand was more muted than we had expected in exiting the summer holiday period,” explains CEOHe says the average prices for both the Cullinan and Finsch mines benefited from an improved product mix, while like-for-like prices declined by 4.3% compared with Petra’s most recent tender, tender five of full-year 2023, which closed in May.
This was offset by slower demand for 2 ct to 10 ct size ranges with like-for-like prices down by about 14% compared with tender five. Demand in smaller categories remains resilient, with like-for-like prices increasing between 1% and 2%, Duffy outlines.
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