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IN BRIEF: Petra postpones rough diamond sale into new financial year
Petra Diamonds Ltd - diamond miner in Tanzania and South Africa - Warns results for financial year ending June 30 will be hurt by decision to postpone its planned sixth tender of rough diamonds from June until August, though financial 2024 will benefit. Petra Chief Executive Richard Duffy says the decision was made "in light of what we expect to be a temporary slowdown in the market for rough diamonds as a result of elevated inventory in the mid-stream". Last month, Petra said sales in its fifth tender, between March and May, were USD42.1 million, down 51% from USD86.1 million in the fifth tender a year before. They were down by 42% from USD72.1 million in tender 4, which had ended in March. Tender 6 would have offered about 230,000 carats of rough diamonds from the Cullinan mine and 150,000 from Finsch, both in South Africa.
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