Petra Diamonds Ltd - Southern Africa-focused diamond miner and supplier - Reports full results of the second tender of financial year 2024. Sells 444,029 carats of diamonds for a total of $40.5 million, down from 696,194 carats for $79.3 million in tender 1, held in August. The recent sale includes 37,856 carats of diamonds from the Williamson mine in Tanzania, sold for $7.7 million.
Like-for-like prices were down 17% on tender 1, while the overall average price was down 20% to $91 per carat from $114. Earlier in October, in the initial results for the tender, Petra had said like-for-like prices were down 16% to 18%, reflecting market weakness.
‘We believe actions taken by major producers to curb supply and the two-month Indian moratorium will assist in bringing stability and support to the market and prices as inventory levels reduce,’ says Chief Executive Officer Richard Duffy, adding that the medium-to-longer-term outlook will benefit from a structural supply deficit.
Current stock price: 53.20 pence
12-month change: down 56%
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