Petra Sales Rebound as Prices Pick Up
December 11, 23
(IDEX Online) - The rough diamond market appears to have bottomed, said Petra, as it announced a 20 per cent hike in like-for-like prices at its October tender.
The UK-based miner sold a total of $58.7m, a 45 per cent increase on the $40.5m it achieved for a similar number of carats at its previous tender.
It said like-for-like prices were up by around 20 per cent and average per carat prices were up by 39 per cent to $127.
Prices for goods under 2cts saw price increases of over 20 per cent and 2ct to 10.8ct parcels saw increases in the mid-teens, Petra said. One notable sale was a 12.6ct blue diamond that sold for $6.2m.
"We believe actions taken by major producers to curb supply and the two-month Indian moratorium that comes to an end on 15 December 2023, together with strengthened retail sales in the US, have improved market conditions as inventory levels across the pipeline rebalance," said Richard Duffy, Petra's CEO.
Back in June the midstream slowdown and a sharp drop in sales forced Petra to postpone a tender of 380,000 carats.
Pic shows Petra's Cullinan mine