Petra Sees Continued Price Weakness for Rough Diamonds

Petra Diamonds’ rough prices fell year on year in the first fiscal quarter amid ongoing softness in the market.

Revenue for the period, which ended September 30, more than doubled year on year to $52 million from the sale of 469,286 carats, Petra said Wednesday. However, the average price per carat fell 13% to $110.

Notably, the miner held two tenders in the first quarter, but none during the same period a year earlier; it delayed its September 2024 tender and combined it with October’s.

The revenue increase was not a reflection of rebounding prices, but of a better product mix, primarily from the Cullinan mine in South Africa, the company explained. Compared to the previous quarter, the average price was up 53%, but like-for-like prices dropped 8%. Petra is working on accessing new parts of the orebody at its Finsch mine, which it believes will further improve the product mix.

The company’s revolving credit facility, which comprises $102 million, remained fully drawn as of September 30, as the miner struggled with the downturn in demand. Meanwhile, its net debt increased to $287 million, from $264 million at the end of June.

Total output for the quarter slid 10% year on year to 609,336 carats — 1.6% less than in the previous quarter. Last year’s production included that of the Williamson mine in Tanzania, which Petra sold at the start of 2025.

Petra currently holds diamond inventory of 468,733 carats worth $44 million in total. That compares to 328,689 carats with a value of $30 million at the end of June.

Image: The Finsch mine. (Petra Diamonds)