Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Petra boosts Q1 revenue as production dips on mothballed Williamson mine

29 october 2020
Image credit: Petra Diamonds

Petra Diamonds' first-quarter revenue for the fiscal year 2021 jumped 33% to $82 million compared with $61.6 million, a year earlier mainly due to the release of inventory carried over from the fourth quarter of the fiscal year 2020.
It said although diamond prices rose by about 21% on a like-for-like basis at the September 2020 tender in comparison to the prices obtained following the COVID-19 outbreak, with a further 2% increase at the October 2020 tender post Period end, prices are still down around 10% in comparison to pre-COVID-19 levels.
Petra's diamond inventory as at 30 September 2020 was about 1,4 million carats valued at $90.2 million as a result of the extended lead times since the introduction of Antwerp-based tenders to mitigate the COVID-19 impact on customers' ability to attend tenders in South Africa.
"The company will continue to remain flexible in terms of its approach to diamond sales in order to achieve the best possible route to market, subject to prevailing market conditions and any COVID-19 related regulations or restrictions," it said.
The company's consolidated net debt was $687.8 million as at 30 September 2020, marginally improving from $693.2 million as at 30 June 2020.
Meanwhile, Petra said its first-quarter production eased 10% to 974,346 carats compared with 1,08 million carats, mainly due to the Williamson mine remaining on care and maintenance.  
The Williamson mine, in Tanzania, was placed on care and maintenance last April, as a result of a significantly depressed market environment.
The company said it would resume operations once diamond prices are at a level that makes it operationally sustainable.
Petra recently said that it had reached an agreement with its ad hoc group of bondholders and South African lender group around a financial restructuring that will provide the company with a considerably more manageable level of debt going forward.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished