Petra reports lower sales for Tenders 5 and 6
London-listed Petra Diamonds sold 613 682 ct of diamonds for $53-million during its combined Tender 5 and 6 sales cycle, taking year-to-date revenues to $239-million from the sale of 2.39-million carats.
In response to fluctuations in diamond prices and demand, the company no longer follows regular tender cycles and may postpone portions of tenders or sell goods as run-of-mine.
"Reporting tender results on a tender-by-tender basis is no longer appropriate, and sales results will be reported quarterly, along with the operating update, in the future," it states.
Sales for the Tender 5 and 6 sales cycle are lower than the 733 236 ct of diamonds sold for $93-million in the fifth and sixth tenders of the prior financial year. Year-to-date sales are also lower than the 2.82-million carats sold for $329-million in the same period in the prior financial year.
Petra notes that like-for-like rough diamond prices improved by 3% compared with those sold in Tender 4 of this year, but year-to-date like-for-like prices are down 16% year-on-year.
Petra operates the Cullinan and Finsch mines, in South Africa. It recently concluded the sale of its Williamson operation, in Tanzania.
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