1st Apr 2026 14:27
(Alliance News) - Petra Diamonds Ltd on Wednesday reported a rise in third quarter sales, despite weaker pricing.
The South Africa and Tanzania-focused diamond miner said revenue in the third quarter ended March rose 39% to USD68 million from USD49 million a quarter earlier. On-year, it surged 64% from USD42 million.
However, the average price per carat fell 11% on-quarter to USD87. Carats sold shot up to 781,797 from 494,237 a quarter earlier.
"While Finsch continues to ramp-up production from the new project area, which should lead to an improved product mix, we don't anticipate the improvement from this product mix to fully mitigate the much weaker prices across the smaller size ranges currently being experienced in the market," Petra said.
"The recent Middle East tensions have also dampened sentiment, with travel disruptions through the Middle East directly impacting tender participation for our goods."
Petra has entered into an agreement for the sale of its 41.82-carat Type IIb blue diamond "of exceptional colour and clarity".
Under this agreement it received an initial consideration linked to the rough diamond's value and retain a "significant economic interest" in the profit from the sale of the polished stone.
This initial consideration is included in Petra's total revenue and average realised price for the third quarter.
It said: "This provides Petra the best chance of maximising value from this stone."
It also noted that the cutting and polishing of the stone in South Africa was "a key consideration" in the deal.
Joint CEOS Vivek Gadodia and Juan Kemp, commented: "The agreement we have reached on this blue stone will enable leveraging considerable experience in the manufacturing and sale of polished diamonds to extract maximum value for Petra while also allowing for the cutting and polishing of this stone in South Africa and we look forward to seeing the ultimate outcome of this magnificent gem."
Shares in Petra were flat at 16.60 pence in London on Wednesday afternoon.
By Abena Oppon, Alliance News reporter
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