Rough Blue Diamond of Petra

PETRA’S PRODUCTION AND REVENUE RISE TO RECORD LEVELS IN FY2017

Petra Diamonds has issued its FY 2017 production and revenue report. According to IDEX Online, production was up 8% year-on-year to 4 million carats. Revenue rose 11% year-on-year to $477 million. Both production and revenue are at “record levels” for the group.

 

According to Ptera, “the diamond market remained stable throughout FY 2017”. Additionally, the company expects to become cash-flow positive during FY 2018. Production during FY 2018 is expected to rise “about 23% to 4.8 – 5.0 million carats, while guidance for FY 2019 is 5.0 – 5.3 million carats”.

 

Johan Dippenaar, CEO of Petra Diamonds, said: “Record levels of production and revenue have been reached in FY 2017 and, whilst certain expansion programs have taken longer than expected to ramp up, we have now attained the required production levels which will see production rise again substantially in FY 2018”.

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