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Home News Petra’s Revenue Increases in FY2024, Despite Sluggish Market

Petra’s Revenue Increases in FY2024, Despite Sluggish Market

by Madonna

Petra Diamonds has reported a decline in revenue and like-for-like prices at its latest tender, with a cautious outlook for the remainder of 2024. Despite this, the company noted a 13% increase in total revenue for the financial year compared to FY 2023.

During its seventh and final tender cycle of FY 2024, Petra achieved $38 million from the sale of 337,064 carats, marking a nearly 14% decrease from the previous tender held in May, where $49 million was generated. Like-for-like prices decreased by 3.8% compared to the preceding tender, which Petra attributed to decreased demand for larger rough diamonds, particularly in the 1 to 10 carat range.

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For the entire FY 2024, average like-for-like prices declined by 12.4% compared to FY 2023 figures. However, total revenue from rough diamond sales for FY 2024 reached $366 million, reflecting a significant 13% rise from $324 million in FY 2023, excluding the Koffiefontein mine currently under care and maintenance and slated for sale.

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Petra highlighted that year-on-year volume differences were influenced by the deferment of certain diamond parcels from FY 2023, which were eventually sold in the first tender of FY 2024.

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Richard Duffy, CEO of Petra Diamonds, acknowledged the challenging market conditions, stating, “We anticipate a subdued market for the remainder of the year. Our FY 2025 pricing assumptions, recently disclosed, remain unchanged.”

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