Lab-grown diamond jewellery sales to breach the 10% mark for the first time this year – Zimnisky

The supply and demand for man-made diamonds had been on an increase in recent years, much to the discomfort of the natural diamonds industry. Some companies in the mid-stream segment of the natural diamond industry are now involved in the lab-grown business...

28 november 2022

Diamond mining and diamond synthesis: Which is more efficient?

Vladislav Zhdanov - Professor at the National Research University Higher School of Economics and former Vice President of ALROSA (2015-2018). He is a physicist by profession. Vladislav Zhdanov was educated at the Ural Federal University (General...

21 november 2022

The success of TAGS over the past 5 years has encouraged many large tender houses to establish regular and sizeable tender operations in Dubai

Mike Aggett is an experienced Private Consultant with a demonstrated history of working in the mining and metals industry. Skilled in Luxury Goods, Business Planning, Sales, Gemology, and Jewelry, Mike is a professional who graduated from Dover College...

14 november 2022

It all starts with stones - it is they that give impetus, determine the image and embodiment

Maxim Selikhov is the founder of the SelikhoV Diamonds brand launched in 2006, and the company manufactures unique handmade jewellery with rare high-quality gemstones. He is also known as a collector of unique and large-size jewellery stones who considers...

07 november 2022

‘Our technologies – CVD machines and growing technology – are game changers’, asserts Arnaud Flambeau, Executive Chairman, 2DOT4 Diamonds LLC

Arnaud Flambeau is the Executive Chairman of ‘2DOT4 Diamonds LLC’, Dubai, a fully integrated lab-grown diamonds company. The Company provides rough 'as grown' diamonds, in-house polished IGI certified loose polished diamonds and high-quality...

31 october 2022

Petra FY 2020 revenue down 36% to $295.8 mln

18 november 2020
Image credit: Petra Diamonds

Petra Diamonds says its financial year 2020 revenue decreased 36% to $295.8 million compared to $463.6 million, a year earlier, due to a weaker diamond market and the number of carats sold for the year dropping 23% to about 2,9 million carats from 3,7 million in the comparative period.
It said pricing was severely impacted by the COVID-19 pandemic and was down about 27% in the company’s combined March and April tenders in comparison to prices achieved in February 2020. Petra’s realised diamond prices fell by about 18% for the full financial year.  
The group adopted a flexible approach to diamond sales to achieve the best possible route to market, subject to prevailing market conditions and any COVID-19-related regulations or restrictions. The measures included the export of rough from South Africa to Antwerp, where the lockdown and travel restrictions were less strict, as well as limiting sales in the fourth quarter, with the majority taking place through agreements with some of its long-standing customers. 
Despite significant constraints on Petra’s South African operations, its production for the year at 3.59 million carats was 5.5% lower than the company’s pre-COVID-19 target of 3.8 million carats.
Post-year-end, production for the first quarter of 2021 was down 10% to 974,346 carats compared to about 1,1 million carats, a year earlier.
The decline was mainly due to Williamson mine in Tanzania being on care and maintenance. 
Commenting on the outlook, Petra said conditions in the diamond industry began improving as lockdown measures around the world were eased and retail outlets reopened. 
“Since the outbreak of COVID-19, a period of sustained low supply, particularly from the majors, De Beers and ALROSA, has allowed for a better equilibrium in the market and there is now improved demand from the downstream as retailers look to put orders in place in time for the festive retail season,” it said.
“The cutting and polishing factories of India have ramped up to [about] 60% capacity under COVID-19 guidelines, but are looking at how to maximise working hours to meet demand, including observing a much shorter holiday period for Diwali than usual.” 
It said many producers had reinstated their usual sales tender pattern to match demand.
“However, all participants in the industry recognise that risks to a sustained recovery remain, particularly in light of the current resurgence of COVID-19 in key diamond markets, and much will depend on the level of consumer activity in the coming months, especially in the major US market,” said Petra.

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