Petra Diamonds Sales Results for Tender 4 of FY 2022

 
TIDMPDL 
 
FOR IMMEDIATE RELEASE 
 
07 March 2021                                                                                                     LSE: PDL 
 
                            Petra Diamonds Limited 
 
                          ("Petra" or the "Company") 
 
                     Sales Results for Tender 4 of FY 2022 
 
Petra Diamonds Limited announces the results of Tender 4 of FY 2022, at which 
735,222 carats were sold for a total of US$140.6 million. The Company has now 
completed its fourth sales cycle for FY 2022, having announced the initial 
results for the first 80% of goods sold for this cycle on 25 February 2022. 
 
                          FY 2022      FY 2022      FY 2022 
Tender 4 FY 2022          Tender 4     Tender 3   Year to Date 
Results 
 
Diamonds sold (carats)    735,222      885,136     2,331,069 
 
Sales (US$ million)        140.6        128.4        405.3 
 
Like-for-like rough diamond prices increased by 46.5% on the six months to 
December 2021 and 37.6% on Tender 3 which closed around 15 December 2021, with 
the balance of price movement attributable to product mix. Strong demand with 
resultant price increases were evident across all size and quality categories. 
 
This tender cycle included one Exceptional Stone from the Cullinan mine which 
was a 157.8ct white stone sold for US$5.5 million. Petra classifies 
'exceptional' stones as rough diamonds that sell for US$5 million or more each. 
 
Mine by mine prices for Tender 4, H1 FY 2022 and Year-to-Date FY 2022 are set 
out in the table below: 
 
                  Tender 4      H1 FY 2022        YTD 
Mine               FY 2022     6 months to      FY 2022 
                                31-Dec-21 
                  (US$/ct)                      (US$/ct) 
                                 (US$/ct) 
 
Cullinan1           180            192            188 
 
Finsch              151             97            112 
 
Koffiefontein       856            538            612 
 
Williamson1         369            760            488 
 
Note 1: Prices for both Cullinan and Williamson mines include proceeds from the 
sale of Exceptional Stones, noting that there were a number of high value 
Exceptional Stones from the Cullinan mine and a high value Exceptional Stone at 
the Williamson mine in H1 FY 2022. 
 
The Company intends to hold two further tenders during FY 2022, in April and 
June. 
 
Richard Duffy, Chief Executive of Petra, commented: 
 
"The tender of the Group's South African operations was hosted in South Africa 
for the first time since the Covid-19 pandemic took hold and was extremely well 
attended. Demand spanned the entire spectrum of rough assortments and sizes, 
with a notable increase in the price of larger stones - particularly the white 
D-colours, for which Cullinan is renowned, as well as fancy coloured diamonds. 
 
 
These strong sales results support the robust health across the diamond value 
chain that has been evident since mid-2021. Current pricing in the rough market 
is being driven by strong sales of polished and increased demand from the 
manufacturing centres, bolstered by record sales during the festive season that 
have continued into the new year. Whilst we believe this market reflects the 
structural change in underlying supply and demand dynamics, which we expect to 
continue in the medium term, it is too soon to determine what impact the 
current conflict in Ukraine will have on the global economy and the diamond 
market specifically." 
 
This announcement includes inside information as defined in Article 7 of the 
Market Abuse Regulation No. 596/2014 and is being released on behalf of Petra 
by the Company Secretary. 
 
                                    Ends 
 
For further information, please contact: 
 
Petra Diamonds, London                 Telephone: +44 20 7494 8203 
 
Jill Sherratt 
investorrelations@petradiamonds.com 
 
Julia Stone 
 
About Petra Diamonds Limited 
 
Petra Diamonds is a leading independent diamond mining group and a supplier of 
gem quality rough diamonds to the international market. The Company's portfolio 
incorporates interests in three underground producing mines in South Africa 
(Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania 
(Williamson). 
 
Petra's strategy is to focus on value rather than volume production by 
optimising recoveries from its high-quality asset base in order to maximise 
their efficiency and profitability. The Group has a significant resource base 
of ca. 230 million carats, which supports the potential for long-life 
operations. 
 
Petra strives to conduct all operations according to the highest ethical 
standards and only operates in countries which are members of the Kimberley 
Process. The Company aims to generate tangible value for each of its 
stakeholders, thereby contributing to the socio-economic development of its 
host countries and supporting long-term sustainable operations to the benefit 
of its employees, partners and communities. 
 
Petra is quoted with a premium listing on the Main Market of the London Stock 
Exchange under the ticker 'PDL'. The Company's US$336.7 million notes due in 
2026 are listed (subject to temporary suspension) on the Irish Stock Exchange 
and admitted to trading on the Global Exchange Market. For more information, 
visit www.petradiamonds.com. 
 
 
 
END
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