Petra Diamonds Ltd - diamond miner in South Africa and Tanzania - Gets $79.3 million from sale of 696,000 carats of diamonds in its first tender of financial year 2024, which runs to the end of June next year. Petra says attendance at the August event is ‘very strong’ but demand is more muted than it expected exiting the summer holiday period. Average prices for diamonds from the Cullinan and Finsch mines benefit from improved product mix, but like-for-like prices are down 4.3% from the tender 5 of financial 2023, held in May. Petra says demand for high-quality stones of 10.8 carats or or more is strong, but there is lower demand for 2-to-10 carat diamonds, with like-for-like prices down 14% from tender 5.

‘As we enter a seasonally stronger period which includes Diwali, Thanksgiving, Christmas and the Chinese New Year, we remain optimistic that jewellery demand will improve and provide some support to prices over the balance of the calendar year,’ Chief Executive Officer Richard Duffy says.

Current stock price: 71.00 pence

12-month change: down 28%

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