London, England — 10 May 2012 – Leading independent diamond mining group Petra Diamonds has more than doubled its quarterly production, as output from its Finsch mine in South Africa was taken into account for the first time.
Fin24 reports that in a statement issued here, the company says demand from the US and Asian markets remained steady, even as prices climbed after the rough diamond market stabilised in December.
“The stronger market is due to a recovery in confidence after the initial impact of the Euro-zone debt crisis abated,” it added.
Rival Gem Diamonds said in April that rough diamond prices would continue to increase in the second quarter. Prices for rough diamonds jumped in the first half of 2011 on low inventories and rising Asian demand, but fell sharply in the last five months of the year as markets tumbled and investors took cover.
Petra Diamonds’ production rose 126% to 622,509 carats for the third quarter of its financial year, prompting the company to back its full-year production target of over 2Mcts.
The Finsch mine “’ South Africa’s second largest diamond operation by production which Petra bought from De Beers in September last year “’ contributed 343,051cts to overall output in the quarter.
Source: Fin24. For more information, click here.