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Petra Prices Surge as Demand Persists

Mar 7, 2022 11:33 AM   By Rapaport News
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Prices soared at Petra Diamonds’ recent rough tender in South Africa as strong market momentum continued.

The miner brought in $140.6 million at its fourth sale of the fiscal year, compared with $128.4 million at the previous event, it reported Monday. Like-for-like prices rose 38% versus the previous tender, which ended December 15, and jumped 47% compared with the six months ending December 2021.

“These strong sales results support the robust health across the diamond value chain that has been evident since mid-2021,” said Petra CEO Richard Duffy. “Current pricing in the rough market is being driven by strong sales of polished and increased demand from the manufacturing centers, bolstered by record sales during the festive season that have continued into the new year.”

Petra observed demand across all categories and sizes, with a notable price increase in larger stones, especially D-color and fancy-color diamonds, it explained. The tender was the first sale of South African production to take place in the country since the start of the Covid-19 pandemic.

The average selling price climbed 32% compared with the last sale to $191 per carat, according to Rapaport calculations. Changes to the product mix impacted the growth, with the tender featuring a white diamond weighing 157.8 carats, which fetched $5.5 million, the miner pointed out. It did not provide equivalent figures for a year earlier.

The miner sold around 80% of the goods in late February and the remainder on Monday. The company plans to hold two further tenders during the current fiscal year ending June 30: one sale in April and one in June.

Image: A conveyor belt at the Finsch mine in South Africa. (Petra Diamonds)
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