Petra Diamonds ​​sees Q3 gross sales up 30.7% to £96.7m

Petra Diamonds has introduced its Q3 gross sales for FY22 totalled $128.3m (£96.7m), up 30.7% year-on-year in comparison with $98.1m (£73.9m) in Q3 FY21.

The corporate’s Q3 outcomes additionally elevated by 11.6% in comparison with $114.9m (£86.6m) in Q1 FY22. Altogether, the gross sales mixed to a complete of $264.7m (£199.6m) year-to-date in FY22, with 1,595,847 diamonds bought.

In the meantime, like-for-like tough diamond costs elevated by 16% on the six months to June 2021. This tender cycle included a 295.8ct white stone from the Cullinan mine, which bought for $13.9m (£10.4m) to Stargems DMCC.

Moreover, the tender cycle additionally included the primary parcel bought on behalf of Williamson Diamonds Restricted put up the restart of operations.

A complete of 26,611 carats had been bought from the Williamson parcel, together with a 32.32 carat pink diamond which bought for $13.8m (£10.4m) to Diacore Worldwide. The stability of products from the Williamson parcel bought for a complete of $6.4m (£4.8m), averaging $241 (£181.78) per carat.

Richard Duffy, chief govt of Petra, stated: “These robust gross sales outcomes are additional proof of the strong well being of the diamond pipeline.

“The tough market is at present being pushed by robust gross sales of polished diamonds and elevated demand from the manufacturing centres, which in flip displays constructive finish shopper markets, significantly within the run-up to the festive promoting season.”

He added: “Demand at our most up-to-date tender cycle appeared to span throughout the complete spectrum of tough assortments and sizes, and displays the actual shortages of high quality items additional to the current contraction of worldwide tough provide.”

Written by colin

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