Petra Diamonds Q3 FY 2024 presented operating update and final sales results for Tender 5 FY 2024. At the point Richard Duffy, Chief Executive Officer of Petra, commented, “Production for the quarter is consistent with the preceding quarter and in-line with expectations.
At Finsch, the first of the 78-Level Phase II production tunnels was successfully commissioned in March 2024, with commissioning of the remaining six tunnels expected to be completed by June 2024. We confirm our FY 2024 production guidance of 2.75-2.85 Mcts.
Our fifth tender cycle yielded US$49 million from the sale of 362kcts. Average prices per carat received were 22% higher than Tender 4, supported by the sale of a 14.76ct exceptional colour and clarity blue diamond for US$8.2 million. Like-for-like1 prices were relatively flat through this seasonally weaker period, being 0.8% lower than Tender 4.
We continue to update our life of mine plans to support our transition to a smoother capex profile. This includes a replanned ramp-up of the deferred capital projects from Q1 FY 2025.”
At the sales front, total revenue YTD FY 2024 from rough diamond sales is US$285 million, compared to US$316 million in the first five tenders of FY 2023, excluding Koffiefontein. Year-on-year volume variances were affected by the deferral of certain FY 2023 sale parcels sold as part of Tender 1 of FY 2024.
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Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
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