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Petra’s Revenue Gets a Big Boost in Q1 2022

Petra Diamonds’ revenue rose 33% to $140.6 million
petra blue diamonds Letlapa collection
Credit: Petra Diamonds

Petra Diamonds’ revenue rose 33% to $140.6 million in Q1 2022, driven by “a surge in prices,” IDEX Online reports.

 

At its March tender, like-for-like prices were up 37.6% on December. In addition, it noted that a 157.88-carat Type IIa white stone from its Cullinan mine sold for $5.5 million. However, the number of carats sold was down 31% during the quarter. Quarterly production was up 18% to 830,456 carats, “largely as a result of operations resuming at the Williamson mine in Tanzania.”

 

CEO Richard Duffy noted a “positive outlook for the business” and added: “Although we anticipate some pull back in diamond prices from the elevated March tender levels as a result of the economic impact of the war in Ukraine, the structural shift in the diamond market continues to provide positive momentum.”

 

Williamson Diamond Mine Tanzania
Credit: Hansueli Krapf


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