Petra Diamonds has announced results from its second tender for the fiscal year 2023, during which it sold 447,276 carats for $61.3 million, according to Rough & Polished. This brings revenue from rough diamond sales to $164.1 million – compared to $136.4 million in the first two tenders of the fiscal year 2022.
Petra’s CEO Richard Duffy commented that “demand for fancy coloured and large white stones continued to be evident despite this being a seasonally weaker period.” He added: “Subdued demand in China continued to impact pricing in the gem quality 0.75ct up to 5ct size ranges, with some pricing pressure also evident in the 5ct – 10ct range. Pricing across smaller size ranges was largely flat on the previous tender.”
In the medium to longer term, Duffy said Petra “continues to expect a supportive diamond market[…] as a result of the structural supply deficit.
