Discovery of Exceptional 342.92ct White Underscores Petra's Strong Performance

Rough Market
28/07/2021 10:37

Petra Diamonds Limited today announced that it has recovered a 342.92 carat Type IIa white diamond of exceptional quality in terms of both its colour and clarity at the Cullinan mine in South Africa. The diamond is likely to be sold via the Company’s upcoming tender during September 2021. The news comes just days after Petra Diamonds released its latest market update, indicating revenue for FY 2021 jumped 38% to US$406.9m, driven by the sales of exceptional stones such as the 39.34ct rare blue diamond that fetched over US$40m just weeks ago.

“The Petra team has navigated a difficult FY2021 by delivering credible results whilst addressing numerous challenges around COVID-19 and the completion of our capital restructuring. This makes Cullinan’s record performance, driven by Project 2022, all the more noteworthy. We enter FY 2022 with a considerably strengthened balance sheet and a more supportive diamond market than we have seen for some time.”, Richard Duffy, Chief Executive Petra Diamonds commented in a release.

In Q4 of the fiscal year ending June 30, Petra recorded another increase in rough prices (5.7%) at its sales, supported by the continued strong demand. "The bulk of our goods were sold at Petra’s Antwerp office since it was one of the very few diamond centres worldwide  which offered our clients and/or their representatives access to our rough diamond tenders, notwithstanding the global disruptions caused by COVID-19.", Greg Stephenson, Marketing & Corporate Affairs Executive at Petra Diamonds added.