London-listed Petra Diamonds has generated $38 million in revenue from its seventh tender cycle of the year, selling 337,064 carats.
This brings the company’s total revenue for the 2024 financial year to $366 million, with 3.15 million carats sold, up from $324 million and 2.32 million carats sold in the prior year.
Despite a 13% increase in revenue compared to the previous financial year, average prices were lower at $116 per carat for the reporting year, compared to $139 per carat in the prior year.
Petra noted that like-for-like prices fell by 3.8% to $111 per carat in the seventh tender cycle, down from $118 per carat in the sixth cycle, due to continued weak demand for coarser diamonds, particularly those between 1 and 10 carats in size.
Average like-for-like prices for the year were 12.4% lower than those achieved in the 2023 financial year.
In addition to rough diamond sales, Petra benefited from the sale of three partnership diamonds, resulting in a profit of $1.3 million for the reporting year, slightly down from $1.4 million in the previous financial year.
Petra anticipates a subdued market through the end of the current calendar year and maintains its price assumptions for the 2025 financial year.
Expected prices range from $125 to $135 per carat for diamonds from the Cullinan mine, $98 to $105 per carat for diamonds from the Finsch mine, and $200 to $225 per carat for diamonds from the Williamson mine.
The Cullinan and Finsch operations are located in South Africa, while the Williamson mine is in Tanzania.
Petra’s Koffiefontein mine in South Africa remains on care and maintenance in preparation for its disposal.
