Petra Diamonds’ revenue for the first six months of its fiscal year 2022 that ended 31st December 2021 went up 49% to $264.7 million compared with $178.1 million in H1 FY 2021. It said the increase was driven particularly by the sale of exceptional stones totalling $77.9 million and further supported by the strong diamond market, with rough diamond prices on a like-for-like basis up ca. 16% compared to the preceding six-month period to 30th June 2021.
Richard Duffy, Chief Executive of Petra Diamonds, said: “I am very pleased with both the significant improvement in our safety performance in H1 and our robust operating results, with production comfortably tracking our guidance. This strong operating performance, together with proceeds from the sale of Exceptional Stones supported by a strong market delivering ongoing price increases, has raised profitability, further strengthened our balance sheet and improved our cash position, which sets us up well for the second half of FY 2022 and beyond.”
Production rose 2% to 1.77 million carats year on year, largely attributable to Williamson resuming production during the period, following an extended period of care and maintenance.
“The diamond market ended the calendar year in a strong state, with evidence of buoyant jewellery sales during the important festive retail period as consumers released pent-up demand for luxury items. Polished prices appeared to end 2021 around the year’s highs and some industry commentators are predicting record jewellery sales for 2021. Demand at Petra’s most recent tender spanned across the entire spectrum of rough assortments and sizes and reflected the shortages of goods further to the recent contraction of global rough supply,” the miner said.
Petra’s exception stones included a 39.34-carat blue diamond from the Cullinan mine that sold for US$40.2 million; a 342.92-carat Type IIa white diamond from Cullinan that fetched $10 million; a 32.32-carat pink diamond from the Williamson mine that earned $13.8 million; and a 295.79-carat white diamond from the Cullinan mine that realised $13.9 million.