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  • Petra Diamonds’ Cullinan mine in South Africa. (Photo courtesy: Petra Diamonds)

Petra Diamonds Sales Rise Amid China Recover

Petra Diamonds announced the results of its fourth tender for the year of 2023 recently, at which 505,398 carats of rough diamonds were sold for a total of $72.1 million from Petra’s South African operations, with like-for-like prices gaining 12.5 percent compared to December.


According to Petra Diamonds, rough prices increased as the market benefited from a rebound in China and steady polished demand from high-end jewellers. The cycle included a $7 million exceptional stone from Cullinan mine.


The sales value was 71 percent higher tan December’s $42.3 million but 49 percent less than the equivalent tender a year earlier, which occurred in February 2022. The sales volume was 31% lower by the latter comparison.


Rough diamonds in the 2- to 5-carat sizes increased 3.5 percent versus December, Petra Diamonds added. Overall prices for all categories dropped 12 percent relative to February 2022, reflecting a spike when the Russia-Ukraine conflict began, management explained.


Richard Duffy, CEO of Petra Diamonds, said: “We ascribe the positive pricing trends to a recovery in demand from China as COVID-19 restrictions continue to dissipate, coupled with a more buoyant outlook from the recent Hong Kong International Jewellery Show. Stronger demand from major jewellery brands has also supported prices for smaller goods. Solid demand for coloured stones across all size ranges was evident in this cycle leading to improved pricing. We continue to expect a supportive diamond market in the medium to longer-term as a result of the structural supply deficit. Current levels of demand remain robust, though we are cognisant of possible near-term volatility owing to recent geopolitical and macroeconomic uncertainty.”



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