Petra Diamonds Soars with $8.2m Blue Diamond Sale

Rough Market
25/04/2024 22:01

Petra Diamonds recently made headlines with the sale of an exceptional US$8.2 million blue diamond, propelling its fifth tender of FY 2024 to new heights. Despite selling fewer carats, Petra achieved higher prices, with an average of US$136 per carat on sales of 362,000 carats, totaling US$49 million.

The 14.76-carat blue diamond, recovered from the Cullinan mine in South Africa, contributed substantially to Petra's revenue. While falling short of the "exceptional stone" classification, which requires a value exceeding US$15 million,  its contribution underscores the company's lucrative ventures.

CEO Richard Duffy expressed confidence in Petra's production guidance for FY 2024, ranging from 2.75 to 2.85 million carats, and highlighted the successful commissioning of production tunnels at the Finsch mine and the sale of the Koffiefontein mine to Stargems, based in Dubai. These initiatives demonstrate Petra's commitment to fortifying its financial resilience amidst evolving market dynamics.

Photo credit: Petra Diamonds