Petra Diamonds sales rise slightly in fourth tender cycle of FY24

Petra Diamonds sold 428,900 carats for $47.8m, a 4.0% increase in like-for-like prices compared to Tender 3, which closed in December 2023.

The London-listed group also noted that the results excluded a 14.76ct "exceptional colour and clarity blue gemstone" recovered from its Cullinan Mine, which Petra intends to sell on a standalone tender basis, expected to close towards the end of this month.

However, total year-to-date revenues from rough diamond sales were $235.6m, down from $278.5m in the first four tenders of 2023. Year-on-year volume variances were affected by the deferral of certain 2023 sale parcels sold as part of Tender 1 of 2024.

Like-for-like rough diamond prices improved by 4.0% on Tender 3, with higher prices achieved across all size categories, barring the 5.0-10.8ct size range, where prices were largely flat compared to the previous tender.

As of 1300 GMT, Petra shares were down 5.48% at 41.40p.

Reporting by Iain Gilbert at Sharecast.com