The London-listed miner reported $53 million in revenue from its fifth and sixth tenders of 2025, covering output from its South African Cullinan and Finsch mines. Going forward, Petra will report diamond sales quarterly instead of following a fixed tender calendar, citing price volatility and subdued demand.
The company sold 613,747 carats across the two tenders, a 29% rise in volume compared to its fourth tender in February. The average price reached $86 per carat, up slightly from February, though still 16% lower than comparable prices from the same period last year. The drop was largely attributed to a weaker product mix, especially from Cullinan, which delayed its April and May sales due to quality issues.
Year-to-date, Petra has sold 2.39 million carats for $239 million — a significant decline from the $329 million achieved in the same period of fiscal 2024.
To support liquidity, Petra drew an additional $33 million in debt, bringing total net debt to $258 million by the end of March. The company attributed the increase to working capital needs as it navigates ongoing refinancing negotiations.
Despite challenges at Cullinan, the Finsch mine saw stronger pricing due to improved ore access. Petra expects the product mix to improve as it ramps up mining at the CC1E area and the western side of the C-Cut block.
The company has continued its cost-cutting efforts, including the sale of its stake in the Koffiefontein mine last October and the recent $16 million sale of its Williamson asset in Tanzania.
Shares in Petra Diamonds fell 3.5% following the update, trading at 19.5 pence and valuing the company at around £38 million ($51 million).
