Business
Sales results for Tender 1 FY 2023
Sales results for Tender 1 FY 2023.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n FOR IMMEDIATE RELEASE\n \n \n \n 13 September 2022\n \n \n LSE: PDL\n \n \n \n Sales results for Tender 1 FY 2023\n Petra achieves US$ 102.9 million in sales in first tender for FY 2023\n Richard Duffy, Chief Executive Officer of Petra Diamonds (Petra), said:\n \n “We have achieved strong sales in the first tender of FY 2023, realising US$102.9 million due to a high proportion of high-value gem-quality single stones particularly from the Cullinan Mine. This has resulted in a 21% increase in our average realised price against Tender 6 in FY 2022, more than offsetting the 4.5% softening of like-for-like prices\n \n [i]\n \n .\n \n “We have seen strong support in fancy-coloured and large white stones while pricing of smaller stones has continued its recent upward trend. Subdued demand in China has led to relative pricing pressure on 0.75ct up to 5ct size ranges.. \n “While we expect some volatility in pricing in the short-term given the ongoing macro-economic situation, we remain encouraged by the supportive diamond market resulting from the projected supply deficit in the medium to longer term.”\n Petra announces the results of Tender 1 of FY 2023, at which 520,011 carats were sold for a total of US$102.9 million across Petra’s mining operations. There were no Exceptional Stones sold in the Tender 1.\n \n \n \n \n Tender 1 FY23\n \n September 2022\n \n Tender 6 FY22\n \n June 2022\n \n Variance\n \n T1 FY23 vs\n T6 FY22\n \n Tender 1 FY22\n \n September 2021\n \n FY 2022\n \n 12 months to\n 30 June 2022\n \n \n Diamonds sold (carats)\n 520,011\n 569,496\n -9%\n 578,186\n 3,536,371\n \n \n Sales (US$ million)\n 102.9\n 93.0\n +11%\n 114.9\n 584.5\n \n \n Average price (US$/ct)\n 198\n 163\n +21%\n 199\n 165\n \n \n Revenue from Exceptional Stones1 (US$ million)\n –\n –\n –\n 50.2\n 89.0\n \n \n Note 1: Petra classifies “Exceptional Stones” as rough diamonds which sell for US$5 million or more each\n Mine by mine prices for Tender 1 are set out in the table below:\n \n \n \n US$/carat\n \n \n Tender 1 FY23\n \n September 2022\n \n Tender 6 FY22\n \n June 2022\n \n Variance\n \n T1 FY23 vs\n T6 FY22\n \n Tender 1 FY22\n \n September 2021\n \n FY 2022\n \n 12 months to\n 30 June 2022\n \n \n Cullinan Mine\n 212\n 151\n +41%\n 2491\n 1691\n \n \n Finsch\n 132\n 140\n -6%\n 96\n 77\n \n \n Koffiefontein\n 38...