Petra Diamonds reported lower revenue for the first half of FY2026 as persistent weakness in the rough diamond market and lower sales volumes weighed on its financial results.

The UK-listed diamond miner said revenue declined 13% year-on-year to $100 million for the six months ended December 31, 2025. Sales volume also fell 13% to approximately 963,000 carats, reflecting a combination of softer demand and the timing of rough-diamond tenders during the reporting period.

Despite a modest improvement in average realised prices to around $104 per carat, pricing conditions remained volatile, particularly in the smaller-size categories where demand continues to be subdued. Petra noted that like-for-like rough prices declined during the second quarter compared with the first quarter of the fiscal year.

The company reported a net loss of $188 million, significantly wider than the $69 million loss recorded in the corresponding period last year. The result was impacted by impairment charges linked to asset valuations and continued pressure on diamond market fundamentals.

Petra produced roughly 1.2 million carats during the period, slightly higher than the previous year despite operational challenges, including weather-related disruptions at its South African mines.

The company currently operates two core assets — the Cullinan and Finsch mines in South Africa — following the divestment of other operations as part of its restructuring strategy.

Management said the group remains focused on cost discipline, operational efficiency and improving product mix while navigating continued volatility in global rough-diamond demand.