Petra’s latest tender cycle seen as confirming improving diamond price trend
JOHANNESBURG (miningweekly.com) – Diamond mining and marketing company Petra has sold $72.1-million worth of rough diamonds in its fourth tender cycle, which is 12.5% up on the third tender's like-for-like prices and which is viewed as confirming an improving diamond price trend.
Petra CEO Richard Duffy ascribed the positive pricing trend to a recovery in demand from China, 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, the London Stock Exchange-listed company that focuses on value over volume said on Wednesday.
“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,” Duffy stated in a release to Mining Weekly.
The fourth tender cycle recorded sales of 505 398 ct from Petra’s South African operations, with no sales of diamonds from Petra’s Williamson diamond mine in Tanzania, where operations remain suspended following a tailings dam breach on November 7 last year, recorded in this cycle.
The results of the fourth tender bring financial year to date revenue from rough diamond sales to $278.5-million compared with $405.3-million in the first four tenders of financial year 2022.
The lower volume sold in 2023’s fourth tender cycle relative to the equivalent tender last year was driven by lower production from the South African operations, and no production from the Tanzanian operation, with Williamson’s restart planned for the first quarter of financial year 2024.
The like-for-like rough diamond price improvement was the result of double-digit increases in most categories.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
