Petra Diamonds sales hit £481.8m

Petra Diamonds has revealed its sales increased 43% year-on-year from $406.9m (£335.4m) to $584.5m (£481.8m) for the full year ending 30 June 2022 (FY22), although the number of carats sold dropped year-on-year from 3,960,475 to 3,536,371.

Additionally, Tender 6 of FY22 saw 569,496 carats sold for a total of $93m (£76.6m), and like-for-like rough diamond prices increased by 7.7% on Tender 5.

Additionally, full year like-for-like prices increased 41.5% compared to FY21, with the balance of price movement attributable to product mix. 

Petra Diamonds said it saw strong demand, with resultant price increases across all size and quality categories, although no Exceptional Stones were sold during this tender cycle.

Throughout the financial year, revenues from Exceptional Stones totalled $89m (£73.3m) – $75.2m (£61.9m) from Cullinan Mine and $13.8m (£11.3m) from Williamson – compared to $62m (£51.1m) Exceptional Stone revenues in the previous year, all from the Cullinan Mine.

Richard Duffy, Petra Diamonds CEO, said: “The Tender 6 results conclude a strong year for Petra’s diamond sales both in terms of pricing and the demand we have seen. The significant interest shown at Tender 6 bears testament to the ongoing strength of the rough diamond market.

“We have seen pricing support across our product mix, with particular strength in the prices of both white and coloured gem-quality stones over the last 12 months.”