Petra announces the results of Tender 3 of FY 2023, at which 305,366 carats were sold for a total of US$42.3 million across Petra’s mining operations.
“Petra’s third tender for FY 2023 saw a 2.2% increase in like-for-like prices on Tender 2 FY 2023, reversing the downward trend observed in the previous two tenders. Although it is still too early to speculate on whether rough diamond prices have bottomed out, we are very satisfied with the overall result, “said Richard Duffy, CEO of Petra.
Prices in the 2ct to 10ct size ranges saw some upward movement in contrast to the recent negative trends, partly ascribed to improving expectations for the current festive season and potentially reflecting signals from the Chinese authorities with respect to an easing of lockdown restrictions. Prices in smaller size ranges saw improved pricing which more than offset softer pricing in the 0.75ct to 2ct ranges.
“We continue to expect a supportive diamond market in the medium to longer term as a result of the structural supply deficit and see current levels of demand continuing into the New Year, albeit with the potential for further upside from any easing of lockdown restrictions in China,” the CEO optimistically concludes.
Photo Credit: Petra