Petra Diamonds had a surge in prices earlier this month at its fifth tender of FY 2024, driven by the sale of an $8.2 million blue diamond, despite selling fewer carats, IDEX Online reports.
The highlight of the tender was the sale of a 14.76-carat blue diamond from Cullinan, South Africa, fetching $8.2 million. Despite its high value, the diamond did not meet the classification criteria for an “exceptional stone” (over $15 million).
The UK-based mining company achieved an average of $136 per carat on sales of 362,000 carats, totaling $49 million. In comparison, the previous tender in February saw an average of $112 per carat on sales of 429,000 carats, amounting to $48 million.
Year-to-date sales are trailing behind FY 2023, with total revenue at $285 million – a 10% fall from last year. Total revenue for Q3 FY 2024 stood at $66 million, down 27% from the previous quarter.
CEO Richard Duffy commented: “”Production for the quarter is consistent with the preceding quarter and in-line with expectations.”
