Petra Rakes In $42.3 Million in 3rd Tender of FY2023
Petra Diamonds has announced the results of the third tender of its 2023 financial year, reporting the sale of 305,366 for $42.3 million, Mining Weekly reports. Tender 3 brings Petra’s revenue from tenders to $206.4 million to date, compared with $264.7 million in sales recorded for the first three tenders of the previous financial year.
Petra’s CEO Richard Duffy commented: “Petra’s third tender for the 2023 financial year saw a 2.2% increase in like-for-like prices on Tender 2”. He added that “it is still too early to speculate on whether rough diamond prices have bottomed out,” but that Petra is “very satisfied with the overall result.”
He added that the company expects “a supportive diamond market in the medium to longer term as a result of the structural supply deficit and see current levels of demand continuing into the new year, albeit with the potential for further upside from any easing of lockdown restrictions in China.”