Diamond producer Petra's sales down in second tender of FY24 as market weakness prevails

- Diamond producer Petra Diamonds announced on Tuesday that its second tender of FY24 yielded $40.5 million from 444kcts sold, compared to $79.3 million from 696.2kcts sold in its first tender of FY24 and $59.9 million from 445.1kcts sold in its second tender of FY23.

The company said that like-for-like prices for diamonds sold were down 16.9% compared to the first tender of FY24 held in August 2023 and in line with the 16% - 18% range indicated in its initial results announcement, “reflecting prevailing market weakness.”

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