Exceptional Stones Sales Boost Petra Diamonds’ H1 FY 2022 Revenue

Petra Diamonds’ H1 FY 2022 figures (July – December 2021) show the revenue of the diamond mining company went up 49% to $264.7 million compared to the same period last year. This strong result was particularly driven by the sale of Exceptional Stones totaling $77.9 million, but also supported by the strong diamond market with rough prices going up.

Exceptional Stones sales results:

• the 39.34 carat blue diamond from the Cullinan mine sold for US$40.2 million;
• the 342.92 carat Type IIa white diamond from the Cullinan mine sold for US$10 million;
• the exceptional 32.32 carat pink diamond from the Williamson mine sold for US$13.8 million; and
• the 295.79 carat white diamond from the Cullinan mine sold for US$13.9 million.

Petra Diamonds’ production during this period was in line with guidance and totaled 1,777,424 carats. Williamson resumed production, having been on care and maintenance since April 2020.

Richard Duffy, Chief Executive Petra Diamonds commented: “This strong operating performance, together with proceeds from the sale of Exceptional Stones supported by a strong market delivering ongoing price increases, has raised profitability, further strengthened our balance sheet and improved our cash position, which sets us up well for the second half of FY 2022 and beyond.”