Petra Diamonds’ latest diamond tender, marking the conclusion of fiscal 2024, has showcased a notable upturn in rough diamond prices. Held in February, the tender amassed sales totaling $47.8 million from the trading of 428,860 carats, averaging at $112 per carat.
While the overall sales figures experienced a 30% decrease compared to those of December, there was a promising 4% increase in prices across most size categories on a like-for-like basis. This suggests an encouraging trajectory for market recovery. Contributing to this positive trend was the improved product mix, characterized by the inclusion of higher-value stones sourced from the Williamson and Finsch mines, which notably propelled revenue growth.
Noteworthy within these results is the exclusion of a remarkable 14.76-carat blue diamond unearthed at the Cullinan mine. Petra Diamonds intends to conduct a separate sale of this exceptional gem later this month. Over the entire fiscal year, sales witnessed a 15% decline, amounting to $235.6 million, while the average price per carat saw a 28% reduction to $113, despite a 17% rise in sales volume to 2.1 million carats. When compared to equivalent tenders from the previous fiscal year, like-for-like prices exhibited a 9% decrease.
