Petra Diamonds, a London-listed mining company, has announced a shift in its sales strategy due to ongoing challenges in the diamond market. The company reported $53 million in revenue from its fifth and sixth tenders of 2025, which included diamonds from its South African Cullinan and Finsch mines. Going forward, Petra will switch to a quarterly reporting system for diamond sales, rather than following a fixed tender calendar, citing market volatility and weak demand.
During these tenders, Petra sold 613,747 carats, marking a 29% increase in volume compared to its previous tender in February. The average price per carat reached $86, a slight rise from February, but still 16% lower than the same period last year. The decline in prices was mainly due to a weaker mix of products, particularly from the Cullinan mine, which delayed sales in April and May due to quality issues.
So far this year, Petra has sold 2.39 million carats for $239 million, a significant drop from the $329 million earned during the same period in 2024.
To maintain liquidity, Petra increased its debt by $33 million, bringing its total net debt to $258 million by the end of March. The company cited working capital needs and ongoing refinancing talks as reasons for the increase.
Despite setbacks at Cullinan, Petra reported stronger pricing from its Finsch mine, thanks to better ore access. The company expects its product mix to improve as it expands mining at the CC1E area and the western section of the C-Cut block.
In line with its cost-cutting measures, Petra sold its stake in the Koffiefontein mine last October and recently sold its Williamson asset in Tanzania for $16 million.
Following the announcement, Petra’s shares dropped by 3.5%, trading at 19.5 pence, giving the company a market value of approximately £38 million ($51 million).
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