Petra Diamonds Ltd - Sales results for Tender 4 FY 2023
FOR IMMEDIATE RELEASE
15 March 2023 LSE: PDL
Sales results for Tender 4 FY 2023
Petra achieves
“Petra’s fourth tender for FY 2023 saw a 12.5% increase in like-for-like
[1]
prices on Tender 3 FY 2023, confirming the improving trend observed in the previous tender. We ascribe the positive pricing trends to a recovery in demand from
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.”
Petra announces the results of Tender 4 of FY 2023, at which 505,398 carats were sold for a total of
Rough diamond sales results for the respective periods are set out below:
Tender 4 Tender 3 Variance Tender 4 YTD FY 2023 YTD FY 2022 FY23 FY23 T3 FY23 vs FY22 after Tenders after Tenders Mar-23 Dec-22 T4 FY23 Feb-22 1-4 1-4 Diamonds 505,398 305,366 +66% 735,222 1,778,051 2,331,070 sold (carats) Sales (US$ 72.1 42.3 +71% 140.6 278.5 405.3 million) Average 143 138 +3% 191 157 174 price (US$/ct) Revenue from 7.0 – 100% 5.5 7.0 83.4 Exceptional Stones[2] (US$ million)
[1] Like-for-like refers to the change in realised prices between tenders and excludes revenue from all single stones and Exceptional Stones, while normalising for the product mix impact
[2] Petra classifies “Exceptional Stones” as rough diamonds which sell for
Sales
The results of Tender 4 bring FY 2023 YTD revenue from rough diamond sales to
Mine by mine average prices for the respective periods are set out in the table below:
US$/carat Tender 4 Tender 3 Tender 4 YTD FY 2023 YTD FY 2022 FY 2022 FY23 FY23 FY22 after after 12 months to Mar-23 Dec-22 Feb-22 Tenders 1-4 Tenders 1-4 30 June 2022 Cullinan Mine 1541 116 1801 1541 1881 1691 Finsch 121 107 151 121 112 118 Williamson n/a 266 369 280 4881 3841 Koffiefontein 461 371 856 452 612 581
Note 1: Prices for both
Like-for-like prices
Like-for-like rough diamond prices improved by 12.5% on Tender 3 FY 2023 driven by double-digit increases in all categories, except for the
Product mix
The balance of price movements are attributable to product mix, resulting in an increase at
For further information, please contact:
Patrick Pittaway investorrelations@petradiamonds.com
About
Petra Diamonds is a leading independent diamond mining group and a supplier of gem quality rough diamonds to the international market. The Company’s portfolio incorporates interests in three underground mines in
Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base which supports the potential for long-life operations.
Petra strives to conduct all operations according to the highest ethical standards and only operates in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.
Petra is quoted with a premium listing on the Main Market of the
