Diamond miner Petra Diamonds said its first tender of the fiscal year 2024 generated revenues of $79.3 million from the sale of 696,194 carats. Despite strong attendance at the tender event, the demand demonstrated a more muted response than anticipated due to the conclusion of the summer holiday period. It said the prices experienced some variations, but overall, the average prices for diamonds extracted from Cullinan Mine and Finsch showed improvement due to a more favourable product mix.<\/p>\n
A comparison to the previous tender, Tender 5 of FY 2023, which concluded in May 2023, revealed a decline of 4.3% in like-for-like prices. A standout gem from this tender was a 20.9 carat yellow diamond from Cullinan Mine, fetching an impressive $1.7 million, which translates to approximately $82,630 per carat. Conversely, demand for gems within the 2-10 carat size range faced slower demand, leading to a price decrease of around 14% compared to Tender 5. Despite these fluctuations, smaller categories displayed resilience, with prices increasing the 1-2% range.<\/p>\n
Amid the backdrop of macro-economic uncertainties marked by high interest and inflation rates, a cautious approach from the mid-stream sector was evident in terms of inventory management. Nevertheless, indications of a gradual decline in these rates have emerged, supporting the expectation of improved demand in the medium term due to a structural supply deficit.<\/p>\n","protected":false},"excerpt":{"rendered":"
Diamond miner Petra Diamonds said its first tender of the fiscal year 2024 generated revenues of $79.3 million from the sale of 696,194 carats. Despite strong attendance at the tender event, the demand demonstrated a more muted response than anticipated due to the conclusion of the summer holiday period. It said the prices experienced some…<\/p>\n","protected":false},"author":1,"featured_media":22583,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-22582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n