Petra Diamonds Ltd - Sales results for Tender 6 FY 2024

Zeitungsständer (Symbolbild). © AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images

PR Newswire

LONDON, United Kingdom, May 17

17 May 2024

LSE: PDL

ARIVA.DE Börsen-Geflüster

Petra Diamonds Limited

(Petra or the Company)

Sales results for Tender 6 FY 2024

Richard Duffy, Chief Executive Officer of Petra, commented:

"Our sixth tender cycle yielded US$44 million from the sale of 371kcts. Like-for-like[1] prices were marginally down through this seasonally quiet period, being 2.6% lower than Tender 5, with demand slightly muted due to Indian holidays and the continued slow recovery in the Chinese market. We continue to see evidence of stabilisation in the market and are cautiously optimistic that demand and pricing will improve towards the end of this calendar year. We plan to conclude a seventh sales cycle closing before the end of June 2024."

Rough diamond sales results for the respective periods are set out below:

	Tender 6 FY 2024 May-24	Tender 5 FY 2024 Apr-24	Variance	Tender 5 FY 20232 May-23	YTD FY 2024 Tenders 1-6	YTD FY 2023 Tenders 1-52
Diamonds sold (carats)	371,104	362,132	+2%	468,817	2,821,716	2,237,010
Sales (US$ million)	44	49	-11%	42	329	316
Average price (US$/ct)	118	136	-13%	90	116	141
Revenue from Exceptional Stones1 (US$ million)	0	0	0%	0	0	0

Note 1: Exceptional Stones are defined as rough diamonds that sell for US$15 million or more each.

Note 2: Given revised tender timings, the comparative sales cycle in FY 2023 was Tender 5 which closed in May 2023.

Sales

Total revenue YTD FY 2024 from rough diamond sales is US$329 million, compared to US$316 million in the first five tenders of FY 2023, excluding Koffiefontein. Year-on-year volume variances in respect of YTD FY 2023 were affected by the deferral of certain parcels which were sold as part of Tender 1 of FY 2024.

Mine by mine average prices for the respective periods are set out in the table below:

US$/carat

Tender 6

FY 2024

May-24

Tender 5

FY 2024

Apr-24

YTD FY 2024

Tenders 1-6

YTD FY 2023

Tenders 1-5

FY 2023

Cullinan Mine

124

157

117

143

139

Finsch

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