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The Average Price of Petra Increases in Fourth Tender

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Petra Diamonds experienced an increase in the average price of its diamonds at its most recent tender as a result of lower rough supply and increased demand.

The miner sold 589,168 carats at an average price of $188 per carat during the fourth tender of the fiscal year, for a total of $110.5 million, according to a statement released last week. According to Petra, the sale did not include any "exceptional" stones, such as colored diamonds or diamonds weighing more than 10.8 carats.

According to the company, it is still determining the like-for-like price growth for the six-month period ending in December, which means it is unable to determine how much of the increase in price per carat is attributable to a stronger market versus a difference in product mix.

Petra sold 80 percent of its goods at the fourth tender, which was held in April. Sales of the remaining 20% of the company, which is comprised of a similar product mix, are expected to close around March 7. The full sales results for the fourth tender will be released by the miner shortly after, according to the company.

Petra sold 885,136 carats in its third tender for a total of $128.3 million, or approximately $145 per carat. The price per carat was approximately $145. A 295.8-carat white diamond sold for $13.9 million, as did a 32.32-carat pink diamond, which sold for $13.8 million. Other diamonds sold at the auction included a 295.8-carat white diamond and a 32.32-carat pink diamond.

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