Manufacturers

Petra Diamonds ​​sees Q3 sales up 30.7% to £96.7m

The mining company saw its year-to-date sales in FY22 reach $264.7m (£199.6m), with 1,595,847 diamonds sold.

Petra Diamonds has announced its Q3 sales for FY22 totalled $128.3m (£96.7m), up 30.7% year-on-year compared to $98.1m (£73.9m) in Q3 FY21.

The company’s Q3 results also increased by 11.6% compared to $114.9m (£86.6m) in Q1 FY22. Altogether, the sales combined to a total of $264.7m (£199.6m) year-to-date in FY22, with 1,595,847 diamonds sold.

Meanwhile, like-for-like rough diamond prices increased by 16% on the six months to June 2021. This tender cycle included a 295.8ct white stone from the Cullinan mine, which sold for $13.9m (£10.4m) to Stargems DMCC.

Additionally, the tender cycle also included the first parcel sold on behalf of Williamson Diamonds Limited post the restart of operations.

A total of 26,611 carats were sold from the Williamson parcel, including a 32.32 carat pink diamond which sold for $13.8m (£10.4m) to Diacore International. The balance of goods from the Williamson parcel sold for a total of $6.4m (£4.8m), averaging $241 (£181.78) per carat.

Richard Duffy, chief executive of Petra, said: “These strong sales results are further evidence of the robust health of the diamond pipeline.

“The rough market is currently being driven by strong sales of polished diamonds and increased demand from the manufacturing centres, which in turn reflects positive end consumer markets, particularly in the run-up to the festive selling season.”

He added: “Demand at our most recent tender cycle appeared to span across the entire spectrum of rough assortments and sizes, and reflects the real shortages of quality goods further to the recent contraction of global rough supply.”

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