Petra Abandons Regular Tenders as Sales Slump
June 09, 25
(IDEX Online) - Petra Diamonds says it is abandoning its regular schedule of rough tenders in response to difficult market conditions.
It reported sales of $53m from its latest tender, down 43 per cent year-on-year.
The UK-based miner gave a combined figure for two tenders (5 and 6) after holding over 200,000 carats from its April sale because of uncertainty over US reciprocal tariffs.
It sold 613,747 carats at tenders in April in June, down 16 per cent on the same tenders in 2024. The average per carat price was $86, down 32 per cent on 2024.
Petra said it would now be holding tenders on ad hoc basis, and reporting quarterly instead of after each tender.
"In response to fluctuations in diamond prices and demand, the company no longer follows regular tender cycles and may postpone portions of tenders or sell goods as run-of-mine," it said in an update today (9 June).
"Reporting tender results on a tender-by-tender basis is no longer appropriate, and sales results will be reported quarterly, along with the operating update, in the future."
Petra has now sold its remaining interest in the Williamson mine, in Tanzania. It sold Koffiefontein in 2024, leaving just Cullinan and Finsch (both in South Africa).
The company said Cullinan has been experiencing product mix weakness, but expected the situation to improve.
In February Richard Duffy quit as CEO, as Petra posted a $69m net loss for the half-year to December 2024.
Pic shows Cullinan mine.