Petra Tender 5 FY2022 Yields US$ 86.1 million

Mining and Exploration
03/05/2022 15:08

Petra Diamonds announced the results of their Tender cycle 5 of fiscal year 2022. They sold 635,806 carats for a total of US$86.1 million. Prices decreased by 23.7% compared to Tender 4 (March 2022) but were up 3.2% on Tender 3 (December 2021).

The tender included a 13.74 ct blue Exceptional Stone for the Cullinan mine. The stone was sold into a partnership with Stargems for US$ 5.7 million, with Petra retaining a 50% interest in the profits.

Richard Duffy, Chief Executive of Petra, commented:
“As anticipated, these prices were below the significant increase we saw in our March sales, reflecting the seasonally quieter period and the ongoing uncertainty around the impact of the conflict in Ukraine. Prices nevertheless remain above our December tender levels, providing for some consolidation in a diamond market that continues to be supportive.”