Petra Diamonds sold $79.3 million worth of rough diamonds in its first tender of FY2024. According to IDEX Online, the miner offloaded “ 696,000 carats, including 75,900 carats that were unsold at its May tender, and the 380,000 carats that would have been sold at the canceled tender in June.”
According to Petra, there was improved demand for higher quality +10.8-carat stones, which was offset by slower demand for 2-10 carat size ranges “with like-for-like prices down by c. 14% compared to Tender 5.” Petra added that demand for smaller stones “remains resilient, with like-for-like prices increasing between 1-2%.”
Aktough CEO Richard Duffy said that “demand was more muted than we had expected in the summer holiday period,” the company did express optimism for the upcoming season, saying: “As we enter a seasonally stronger period which includes Diwali, Thanksgiving, Christmas and the Chinese New Year, we remain optimistic that jewellery demand will improve and provide some support to prices over the balance of the calendar year.”
