Petra Diamonds has decided to postpone its August/September tender to support steps taken by major producers to restrict supply in the current weaker demand environment.
The rough diamond parcels from its South African operations that would have been earmarked for sale in August/September as part of the first tender for the 2025 financial year will now be tendered as part of the second tender, which is expected to close in mid-October.
The schedule for tenders for diamonds from the Williamson mine, in Tanzania, remains unchanged.
Petra’s South African producing operations include the Cullinan and Finsch mines.
Petra expects supply discipline and the expected seasonally stronger demand later in the year to provide some pricing support in a few months’ time.
Petra’s recent steps to strengthen its balance sheet have enabled flexibility around the timing of its tenders to respond to prevailing market conditions.
The company assures shareholders that it has adequate liquidity and undrawn balances on its credit facility to continue funding its working capital requirements.