RAPAPORT... Petra Diamonds saw the average price for its diamonds increase at its most recent tender amid lower rough supply and strong demand.
The miner sold 589,168 carats at the fourth tender of the fiscal year, at an average price of $188 per carat, for a total of $110.5 million, it said last week. The sale did not include any “exceptional” stones — colored diamonds or those weighing over 10.8 carats — Petra noted.
The company is still figuring out the like-for-like price growth for the six months to December, which means it is unable to determine how much of the increase in price per carat is attributable to a stronger market, versus a difference in product mix, it explained.
Petra sold 80% of its goods at the fourth tender. The sale of the remaining 20%, which is of comparable product mix, is scheduled to close around March 7. The miner will release the full sales results for the fourth tender shortly thereafter, it added.
At Petra’s third tender, it sold 885,136 carats for a total of $128.3 million, or approximately $145 per carat. The sale also included a 295.8-carat white diamond, which sold for $13.9 million, and a 32.32-carat pink, which went for $13.8 million.
Image: Rough diamonds. (Petra Diamonds)
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