Africa-focused Petra Diamonds has cut its price forecasts for 2025 and announced job cuts affecting group operations and South African support functions, in a fresh effort to reduce costs and boost cash flow amid ongoing challenges in the global diamond market.
Petra’s third tender for the 2025 financial year delivered mixed results. While sales volumes rose, both revenue and prices declined. The company sold 700,803 carats during the third tender, a 17% increase compared to the combined 600,161 carats sold in the first two tenders.The Cullinan mine reported an average price of $100 per carat in the third tender, down from $146 per carat in earlier tenders but slightly above the year-to-date average of $112 per carat for the 2024 financial year.
Year-to-date like-for-like diamond prices are down 10% compared to the same period in the 2024 financial year, driven largely by weaker demand for smaller-sized diamonds. Overall, sales revenue for the third tender fell 7% to $71 million, bringing year-to-date revenue to $146 million, a decline from $188 million during the same period last year.