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Petra Sales Jump Amid Supply Shortage

Dec 15, 2021 8:02 AM   By Rapaport News
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Petra Diamonds saw sales soar at its recent tender amid decreased rough stock and strong demand for jewelry over the holiday season.

Revenue increased 31% year on year to $128.3 million from the sale of 885,136 carats, the miner said Wednesday. High-quality stones also boosted results, including a white diamond weighing 295.8 carats from Petra’s Cullinan mine, which it sold to Stargems DMCC for $13.9 million, the company noted.

The third sale of the fiscal year also included the first parcel from Petra’s Williamson mine to be sold since the company recommenced operations. That lot contained 26,611 carats, including a 32.32-carat, high-quality pink diamond that was purchased by Diacore International for $13.8 million. The remainder of the Williamson parcel sold for $6.4 million, or $241 per carat, Petra said.

“These strong sales results are further evidence of the robust health of the diamond pipeline,” said Petra CEO Richard Duffy. “The rough market is currently being driven by strong sales of polished diamonds and increased demand from the manufacturing centers, which in turn reflects positive end-consumer markets, particularly in the run-up to the festive selling season. Demand at our most recent tender cycle appeared to span across the entire spectrum of rough assortments and sizes, and reflects the real shortages of quality goods further to the recent contraction of global rough supply.”

Sales at the company’s tenders in the first fiscal half that ends December 31 totaled $267.7 million from the sale of 1.6 million carats.

Petra will release its full first-half results on January 18, it added.

Image: The Williamson mine in Tanzania. (Petra Diamonds)
Tags: Cullinan Mine, Diacore International, diamond, Jewelry, petra, Petra Diamonds, Rapaport News, Richard Duffy, Stargems DMCC, Williamson Mine
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