Petra Diamonds Limited reported Q3 FY2026 revenue of $68 million, up 39% QoQ, on sales of 781,797 carats. Average realised price fell 11% to $87/ct amid a 15% drop in like-for-like pricing, partially offset by improved product mix.
The company confirmed the sale agreement for a 41.82-carat Type IIb blue diamond recovered from Cullinan Mine. The structure includes an upfront payment plus a retained economic interest in the polished stone’s future sale, with cutting and polishing to be completed in South Africa.
Operations reflected diverging trends. Cullinan delivered stronger volumes and pricing resilience, while Finsch Mine saw a 22% QoQ drop in average prices due to weaker smaller-stone demand. Petra revised Finsch FY2026 pricing guidance to $60–$70/ct.
Joint CEOs Vivek Gadodia and Juan Kemp said, “While the overall market remains challenging, especially in the smaller sized segments, recovering a sizeable, exceptional quality diamond demonstrates the quality of Cullinan Mine’s significant resource. The agreement we have reached on this blue stone will enable leveraging considerable experience in the manufacturing and sale of polished diamonds to extract maximum value for Petra while also allowing for the cutting and polishing of this stone in South Africa and we look forward to seeing the ultimate outcome of this magnificent gem.”
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