The revised guidance comes after a series of adjustments to price assumptions across its operations in South Africa and Tanzania.

In its H1 FY 2025 Operating Update released on January 21, the company lowered its price assumptions for Finsch from $80–$90 per carat to $70–$80. Price forecasts for the Cullinan mine remain at $120–$130 per carat, down from $125–$135 after a prior cut in December. Meanwhile, the Williamson mine in Tanzania is projected at $170–$200 per carat, reduced from $200–$225 in the same period.

“Our third tender of FY 2025 highlighted continued diamond price weakness at the close of calendar year 2024,” the company stated. However, it noted signs of optimism, citing increased online jewellery demand in the U.S. and stronger sales in India during the festive and Diwali seasons.

Despite price pressures, Petra’s production outlook remains steady. CEO Richard Duffy highlighted a strong operational performance in Q2 FY 2025, reaffirming the company’s full-year production guidance of 2.8 million to 3.1 million carats.

Petra’s adjustments reflect broader challenges in the diamond market, but the company remains optimistic about demand recovery in key regions.