Petra’s production up 17% in 2014 fiscal

In its fiscal 2014 tenure ending 30th June 2014, Petra Diamonds realised a rise in production by 17 percent to 3.11 million carats, above market guidance of 3 million carats. Its revenue were up 17 percent to US$472.6 million. A firmer diamond market was experienced in H2 FY 2014, with rough diamond prices achieved by Petra for FY 2014 either in line with or above guidance. Also, the company has recovered an exceptional 122.5 carat blue diamond at the Cullinan mine in June 2014, which it expects to sell in FY 2015.

In the said year the carats of diamonds sold rose 23 percent on y-o-y basis to 3,134,706.

Johan Dippenaar, CEO of Petra Diamonds, commented: "FY 2014 has seen a further year of solid production and revenue growth, with the Group on track to reach annual production of circa 5 million carats by FY 2019. We have also recorded further progress with our expansion programmes, which remain on schedule and on budget. Petra has experienced a firmer diamond market during the second half of FY 2014 and the outlook remains positive due to constrained supply and a firm US market, as well as continued growth in emerging markets."