Petra Diamonds Limited has announced measures to improve its resilience and financial flexibility in response to weak diamond market conditions. The company aims to save up to $75 million by June 2024 through cost-cutting measures and deferrals of capital projects. The deferrals include the C-Cut extension project and the CC1E project at the Cullinan Mine, as well as the 3-Level SLC extension project at the Finsch Mine. Petra believes that the steps taken by the diamond industry will help stabilize diamond prices. The company also plans to reduce operating and group expenditure by $7-10 million. Petra is in discussions with Absa Bank to increase its existing credit facility by up to ZAR750 million ($40 million) to provide additional operational and sales flexibility. Production guidance for FY 2024 is maintained, but towards the lower end of the range of 2.9 to 3.2 million carats. The impact of the project deferrals on production and capex guidance for FY 2025 and FY 2026 will be provided later.