Petra Diamonds Sells 781,797 Carats in Q3 2026, Books Revenue from Rare Cullinan Blue Diamond Despite Ongoing Market Weakness
Petra Diamonds, the London-listed diamond producer, sold 781,797 carats during the quarter ended March 31, the third quarter of its 2026 financial year.
Quarterly revenue rose to $68 million, up from $49 million in the previous quarter. However, the average price declined to $87 per carat, an 11% drop from $98 per carat, reflecting a 15% reduction in like-for-like prices across most product categories.
The decline was partly offset by stronger demand for larger, higher-value diamonds, while smaller stones continued to face weaker pricing.
Cullinan Blue Diamond Supports Performance
The company also finalized an agreement to sell a 41.82-carat Type IIb blue diamond recovered from the Cullinan Mine in South Africa in December 2025.
Petra will receive an initial payment for the rough stone and retain a significant share in the proceeds from the sale of the polished diamond, expected within about 12 months. The initial payment has already been recorded as revenue for the quarter.
The company confirmed the diamond will be cut and polished locally in South Africa, supporting the country’s beneficiation sector.
Joint CEOs Vivek Gadodia and Juan Kemp said the recovery of such a high-quality stone demonstrates the strength of the Cullinan resource and provides an opportunity to maximize long-term value.
Finsch Mine Faces Sharper Price Declines
Price weakness particularly for smaller diamonds continued to affect both the Cullinan Mine and the Finsch Mine.
Cullinan recorded a 9% quarter-on-quarter price decline, while Finsch experienced a steeper 22% drop, largely due to its greater exposure to smaller stones and limited production of high-value diamonds above 10.8 carats.
Although production is ramping up in a new project area at Finsch, Petra Diamonds said improvements in product mix are unlikely to fully offset ongoing market weakness in smaller diamond segments.
Outlook: Market Uncertainty Persists
The company also noted that geopolitical tensions in the Middle East have disrupted travel and reduced participation in diamond tenders, dampening demand.
As a result, Petra revised its full-year pricing outlook for Finsch to $60–$70 per carat, while maintaining its pricing assumptions for the Cullinan mine despite continued global market uncertainty.
Overall, the company expects market conditions to remain challenging, with performance closely tied to demand for larger, higher-value diamonds.
