Petra Tender 4, grew 4% over 3FY 2023!

Feb 17, 2024
Petra Diamonds – Petry Skypark Diamond sorting facility

The Company announces the sales results of its fourth tender cycle of FY 2024 in which 428.9kcts were sold for US$47.8 million, a 4.0% increase in like-for-like prices compared to Tender 3 FY 2024 which closed in December 2023. These results exclude a 14.76ct exceptional colour and clarity blue gemstone recovered from the Cullinan Mine which the Company intends to sell on a standalone tender basis expected to close towards the end of this month.

Total revenue YTD FY 2024 from rough diamond sales is US$235.6 million, compared to US$278.5 million in the first four 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.

Like-for-like rough diamond prices improved by 4.0% on Tender 3 FY 2024, with higher prices achieved across all size categories, barring the 5 to 10.8ct size range where prices were largely flat compared to the previous tender. Average like-for-like prices were down 9.2% year-to-date compared to the equivalent four tenders of FY 2023.

The balance of price movements is attributable to product mix, with both Williamson and Finsch benefiting from an improved product mix compared to the previous tender.

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