Following the initial results for the first c.75% of total tender volume for this cycle announced on 6 October 2023, Petra announces the full results of Tender 2 of FY 2024, at which 444,029 carats were sold for a total of US$40.5 million. This includes 37,856 carats of Williamson goods which were sold for US$7.7 million.

Richard Duffy, Chief Executive Officer of Petra, said, “Petra has now concluded its second tender for FY 2024, which included Williamson’s first sale after restarting operations, marking the start of the steady ramping up of carats available for tender from this mine.

Like-for-like prices for goods sold were down 16.9% compared to Tender 1 held in August 2023 and in line with the 16% – 18% range indicated in our initial results announcement, reflecting prevailing market weakness. We believe actions taken by major producers to curb supply and the two-month Indian moratorium will assist in bringing stability and support to the market and prices as inventory levels reduce.

While we anticipate that prices will remain volatile throughout CY 2023 and possibly into CY 2024, we continue to expect prices to benefit in the medium to longer term as a result of the structural supply deficit.”