Petra Diamonds Limited has announced the final sales results for its third tender cycle, bringing the total sales for this cycle to US$67.9 million from 519.4 kcts sold. The final sales results delivered a 19.3% increase in like-for-like prices compared to the previous tender cycle, indicating that diamond prices have likely bottomed. The company will host an investor presentation on December 18, 2023, to discuss recent company updates and the diamond market.
In terms of sales, a further 25.2 kcts of goods from the Cullinan Mine and Finsch were sold for US$3.1 million, while a shipment from Williamson containing 31.4 kcts was sold for US$6.2 million. Total revenue from rough diamond sales for the year-to-date is US$187.8 million, compared to US$202.8 million in the first three tenders of the previous year.
The average price per carat for each mine during the third tender cycle is as follows: Cullinan Mine - US$139, Finsch - US$91, and Williamson - US$201. Like-for-like rough diamond prices for goods sold improved by 19.3% compared to the previous tender cycle, driven by increases in prices achieved for goods smaller than 2 carats.
The balance of price movements is attributed to product mix, with an improved contribution from higher-value single stones from the Cullinan Mine. The company also notes that Finsch and Williamson saw marginally reduced overall qualities in their product offering.
The investor presentation will be held on December 18, 2023, and will be accessible to all existing and potential shareholders. Questions can be submitted prior to the event or during the live presentation.