Petra Earnings Rise Following Big-Stone Sales

RAPAPORT... Petra Diamonds saw a jump in revenues and a return to profit in the past fiscal year amid record sales of large and exceptional stones.Group sales soared 65% to $402.3 million in the 12 months ending June 30, the mining company reported Tuesday. Sales volume rose 51% to 3.9 million carats, while profit came to $196.6 million, compared with a loss of $223 million for the previous year.During the period, Petra carried out a capital restructuring that reduced the company's net debt by a third, it added. "The strong recovery in the diamond market towards the end of the financial year, [which] has continued into the current quarter, further bolstered our improved financial position," said CEO Richard Duffy. Some $62 million of revenue came from exceptional stones - the highest contribution to date, beating last year's $14 million. During the period, the company sold five rough blue diamonds totaling 85.6 carats to De Beers and manufacturer Diacore for $40.4 million, while Dubai-based Stargems DMCC bought a 299.3-carat, white rough stone for $12.2 million. Meanwhile, a high-quality blue diamond weighing 11.82 carats sold for $9.5 million.Total production fell 2% to 3.2 million carats. The company's rough prices rose 9% on a like-for-like basis versus the previous year, exceeding pre-pandemic levels.Image: Petra Diamonds' Cullinan mine in South Africa. (Petra Diamonds)