Recent Petra Tender Sees Continued Recovery in Rough Diamond Prices

Latest Petra tender indicates growing signs of market rebound in rough diamond prices
Recent Petra Tender Sees Continued Recovery in Rough Diamond Prices
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In Petra Diamonds' final diamond tender of fiscal 2024, held in February, sales reached $47.8 million from 428,860 carats, averaging $112 per carat.

Though total sales dipped 30% compared to December, prices actually rose 4% on a like-for-like basis across most size categories, suggesting a potential market recovery. This improvement was further boosted by a better product mix, with higher-value stones from the Williamson and Finsch mines driving revenue.

Excluded from these results is a rare 14.76-carat blue diamond discovered at the Cullinan mine, which Petra plans to sell separately later this month. For the entire fiscal year, sales decreased 15% to $235.6 million, while the average price per carat fell 28% to $113 despite a 17% increase in sales volume to 2.1 million carats. Compared to the previous year's equivalent tenders, like-for-like prices saw a 9% decline.

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