Petra Diamonds has reported a sharp fall of revenue in diamond sales, of about 52%, to $67.8 million during the first quarter of the year (ended March 31), according to a report in Mining Weekly.
On the bright side, Petra enjoyed higher diamond production for the quarter and expected to “deliver on its revised guidance of 2.75-million to 2.85-million carats for the full-year to end June 30.” Petra’s Diamond production rose 3% to 653,700 carats.
According to Petra’s CEO Richard Duffy, the company continues “to expect a supportive diamond market in the medium to longer term as a result of the structural supply deficit, while noting potential volatility in the near-term owing to recent geopolitical and macroeconomic uncertainty.”
