In response to the recently announced two-month moratorium on diamond imports to India commencing on 15 October 2023, Petra has brought forward its Tender 2 sales.
In these initial tender results, 344,554 carats, representing c. 75% of the total tender volume, have been sold for a total of US$30.2 million, at an average price of US$88 per carat, including Williamson. These prices are 16 to 18% lower than prices achieved in Tender 1 FY2024 on a like-for-like basis, reflecting prevailing market weakness.
The steps taken by major producers to curb supply to the market and the two-month Indian moratorium are expected to bring some much needed stability and support to the market and in turn prices. The Company’s assessment of the current market volatility and associated near-term uncertainty will be reflected in our FY 2023.
Annual Report and Accounts to be published on Tuesday 10 October 2023. In the medium to longer term, we continue to expect prices to benefit from the structural supply deficit. The sale of the remaining 25% of the volume of Tender 2 is scheduled to close on or around 11 October 2023 and the full sales results of Tender 2 will be released shortly thereafter.
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