Petra Diamonds Ltd - diamond mining group - Sells diamonds worth $38 million in tender 7 of the financial year that ended on June 30, down 14% from $44 million in tender 6. Sells 337,064 carats of diamonds in tender 7, down 9.2% from 371,104 in tender 6. During financial year 2024, sells are worth $366 million, up 13% from $324 million in financial 2023. Average carat price in financial 2024 drops 17% to $116 from $139 in financial 2023. Average carat price was $111 in tender 7, down 5.9% from $118 in tender 6.

Chief Executive Officer Richard Duffy notes ‘continued softness in demand for coarser goods, specifically stones between 1 and 10 carats in size, exacerbated by seasonal weakness. We expect a subdued market through to the end of this calendar year. Our recently published FY 2025 pricing assumptions remain unchanged.’

Current stock price: 37.40 pence per share, down 2.1% Thursday afternoon in London

12-month change: down 43%

Copyright 2024 Alliance News Ltd. All Rights Reserved.