Petra Diamonds announces its combined Tender 5 & 6 FY 2025 sales results, following the decision made in April to postpone the sale of its Cullinan Mine goods. In total for these diamonds’ tenders, 613,682 carats were sold for US$53 million, at an average price of $86 per carat, bringing year-to-date sales revenues to $239 million from the sale of 2,390,976 carats.
This total includes 84,479 carats sold for US$14 million from Williamson, since the last tender results. This is the final tender sale from the Williamson Mine under Petra’s ownership following the completion of the sale of the asset in May 2025. Total revenue YTD FY 2025 from rough diamond sales is US$239 million, compared to US$329 million in the first six tenders of FY 2024.
In light of ongoing market uncertainty and the product mix issue at Cullinan mine, as referred to in the 9 April 2025 announcement, the Company will continue to keep its pricing assumptions for FY 2025 under review.
Like-for-like rough diamond prices, excluding single stones, for goods sold improved by 3% on Tender 4 FY 2025 across most product categories. YTD like-for-like prices are down 16% compared to the equivalent six tenders of FY 2024, mainly from smaller size categories.
As indicated in the 9 April 2025 announcement, Cullinan Mine has been experiencing product mix weakness, resulting in a -6% movement in prices achieved due to product mix compared to Tender 4. The Company expects the product mix to improve, as we continue to ramp up production from the CC1E and from the Western side of the C-Cut block.
At Finsch, however, an improvement in the product mix since Tender 4 has resulted in a +7% movement in prices, as we began accessing ore from new areas at Finsch.
Ongoing tender reporting; in response to fluctuations in diamond prices and demand, the Company no longer follows regular tender cycles and may postpone portions of tenders or sell goods as run-of-mine. Reporting tender results on a tender-by-tender basis is no longer appropriate, and sales results will be reported quarterly, along with the operating update, in the future.
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