Latest News

Seasonal Slowdown Dents Petra’s Rough Prices

May 19, 2024  |  Leah Meirovich
petra rough diamond image

Petra Diamonds’ rough prices decreased at its latest tender as it noted seasonal weakness across all size categories. 

The sixth trading session, which took place in May, brought in $44 million from the sale of 371,104 carats, while like-for-like prices slipped 2.6% versus April, the miner reported last week. The sales value was down 11% from April’s $49 million but up 4.8% from the equivalent tender in May 2023. Sales volume increased 2% from April but slumped 21% year on year, while the average price slid to $118 per carat, compared to $136 per carat at the previous tender.  

Part of the drop in the average price was the result of a weaker product mix than at the previous tender, which included a 14.76-carat blue diamond that sold for $8.2 million. While the average price of rough from the company’s Williamson mine in Tanzania advanced 3% from the previous tender, overall average prices for this sale were “impacted by a reduced prevalence of higher-value single stones,” Petra explained. The slow market also hit the company. 

“Like-for-like prices were marginally down through this seasonally quiet period…with demand slightly muted due to Indian holidays and the continued slow recovery in the Chinese market,” said Petra CEO Richard Duffy.  

Like-for-like prices of rough diamonds in all size categories softened, Petra observed. Average like-for-like prices for the first six tenders of the fiscal year declined 9% relative to the equivalent tenders the previous year. 

“We continue to see evidence of stabilization 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,” Duffy added. 

Image: A rough diamond. (Petra Diamonds)

Stay up to date by signing up for our diamond and jewelry industry news and analysis.

Share

petra rough diamond image Seasonal Slowdown Dents Petra’s Rough Prices

Share with others

Search

Date
Clear all search filters