4th Jul 2024 14:35
Petra Diamonds Ltd - diamond mining group - Sells diamonds worth USD38 million in tender 7 of the financial year that ended on June 30, down 14% from USD44 million in tender 6. Sells 337,064 carats of diamonds in tender 7, down 9.2% from 371,104 in tender 6. During financial year 2024, sells are worth USD366 million, up 13% from USD324 million in financial 2023. Average carat price in financial 2024 drops 17% to USD116 from USD139 in financial 2023. Average carat price was USD111 in tender 7, down 5.9% from USD118 in tender 6.
Chief Executive Officer Richard Duffy notes "continued softness in demand for coarser goods, specifically stones between 1 and 10 carats in size, exacerbated by seasonal weakness. We expect a subdued market through to the end of this calendar year. Our recently published FY 2025 pricing assumptions remain unchanged."
Current stock price: 37.40 pence per share, down 2.1% Thursday afternoon in London
12-month change: down 43%
By Tom Budszus, Alliance News slot editor
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