HomeDiamonds & GemstonesPetra Diamonds is back in the black

Petra Diamonds is back in the black

Petra’s Cullinan
London, England — MININGREVIEW.COM — 20 September 2010 – Petra Diamonds “’ one of the world’s largest independent diamond groups by resources – has posted a record annual net profit in the year to 30 June 2010, boosted by the sale of the 507-carat Cullinan Heritage diamond.

In a statement issued here, the company revealed a swing to a net profit of US$70.2 million (R513 million), compared with a loss of US$89.0 million (R650 million) the previous year, as revenue jumped 88% on the sale of the Cullinan Heritage and the recovery in gem prices.

The company went on to say that substantially improved prices had been achieved for the first two tenders in the 2011 fiscal year, compared with FY 2010 averages.

Commenting on future prospects, CEO Johan Dippenaar said the outlook for the diamond market was positive, with a significant supply gap anticipated in the coming years as demand continued in emerging markets.