The diamonds from its Cullinan and Finsch mines in South Africa will now be offered at the next tender, anticipated to conclude in mid-October.
"We believe that maintaining supply discipline, combined with the expected seasonal increase in demand as we approach the festive season, will help stabilize prices later this year," stated CEO Richard Duffy.
The UK-based mining company reported that its July tender brought in $38 million from the sale of 337,064 carats, a decline from $44 million in May and $49 million in April. This follows a similar move in July 2023 when Petra canceled its June tender after experiencing a sharp drop in sales the previous month.
In a statement, Duffy explained, "We have proactively decided to defer the upcoming August/September tender from our South African operations to align with major producers' efforts to restrict supply during this period of weaker demand. Our recent measures to strengthen our balance sheet have given us the flexibility to adjust the timing of our tenders according to market conditions. We also have adequate liquidity, including undrawn balances on our existing revolving credit facility, to meet our working capital needs."
Meanwhile, a tender for diamonds from Petra's Williamson mine in Tanzania will proceed as scheduled.
