Petra's Fortunes Reversed as Rough Prices Rise
July 07, 22
(IDEX Online) - Petra Diamonds saw its fortunes reversed at its June tender as rough prices rose by 7.7 per cent.
In May the UK-based miner reported like-for-like rough diamond prices down by 23.7 per cent. It blamed "ongoing uncertainty around the impact of the conflict in Ukraine".
The company sold 569,496 carats at its June tender, raising a total of $93m. At the May tender it sold more - 635,806 carats - but raised less - $86.1m.
"The significant interest shown at Tender 6 bears testament to the ongoing strength of the rough diamond market," said Richard Duffy, Petra's chief executive.
"We have seen pricing support across our product mix, with particular strength in the prices of both white and coloured gem-quality stones over the last 12 months."
Sales for the year to 30 June 2022 total 3,536,371 carats, compared with 3,960,475 carat sin the previous 12 months.
Pic shows Petra's 15.1-carat Cullinan Blue, which sold for a near- record $57.5m in April.