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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 USD40.5 million, down from 696,194 carats for USD79.3 million in tender 1, held in August. The recent sale includes 37,856 carats of diamonds from the Williamson mine in Tanzania, sold for USD7.7 million.
Like-for-like prices were down 17% on tender 1, while the overall average price was down 20% to USD91 per carat from USD114. 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%
By Tom Waite, Alliance News editor
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