Petra Diamonds’ revenue is up 55% to US$163.9 million for the third quarter of the 2014 financial year, compared to US$105.7 million for the same period in 2013. This includes the 29.6 carat blue diamond which sold for US$25.6 million.
“Petra continues to deliver further production and revenue growth, and these results demonstrate that the Company is firmly on track to meet its full year target of circa 3 million carats. The diamond market has had an encouragingly strong start to 2014, further underpinning Petra’s positive outlook for the remainder of the 2014 financial year,” says Petra CEO Johan Dippenaar.
Production keeps climbing, and production for the quarter is also up 15% to 743,424 carats from 647,248 carats in 2013, with production for nine months to 31 March 2014 up 26% to 2,379,140 carats from 1,894,767 carats.
“Petra is firmly on track to meet FY 2014 production target of ca 3.0 million carats,” the company said in a statement, adding that it had seen “a strong start to the calendar year for the rough diamond market, with prices achieved by Petra up around 10%; Petra expects the market to consolidate around current price levels for the remainder of FY 2014.”