HomeDiamonds & GemstonesPetra forecasts diamond growth

Petra forecasts diamond growth

Proud Petra CEO
Johan Dippenaar holding
the 507 carat white
London, England — MININGREVIEW.COM — 29 September 2009 – AIM-listed Petra Diamonds – one of the world’s largest independent diamond groups by resources – has revealed that while its full-year mining profit fell, it is gearing for growth as the international diamond market shows signs of recovery.

A statement released here said Petra had posted mining profit of US$7.8 million (R62 million) for the year ended 30 June 2009, compared with US$38.8 million (R310 million) in the previous fiscal year.

“The Petra business is now geared for further growth,” said chairman Adonis Pouroulis, adding that the company planned to scale down exploration and would focus on production.

“As the diamond market continues to show positive signs of recovery, we are well placed to benefit from the economic potential of our quality mining assets,” he explained.

In July, the group posted a five-fold rise in annual production to 1.1 million carats, but said its revenue had fallen from US$76.9 million (R615 million) to US$69.3 million (R554 million).

Petra also revealed that it had recovered a 507.55 carat white diamond at its Cullinan mine. The gemstone is currently with experts for analysis

“Initial examinations indicate that it is of exceptional colour and clarity, and most likely to be a Type I diamond,” the company said in a statement. “Further details “’ including colour grading and clarity “’ will be released once the diamond has undergone appropriate analysis,” it added.