Work hard and you will find success

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Yesterday

GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

20 september 2021

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...

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

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30 august 2021

Petra H1 revenue, output down due to the COVID-19 outbreak

17 february 2021
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   Image credit: Petra Diamonds


Petra Diamonds, which has operations in South Africa and Tanzania, says its first-half revenue for the fiscal year 2021 eased 8% to $178.1 million from 1,71 million carats sold compared to $193.9 million realised from 1,74 million carats sold, a year earlier.
It said the $40.4 million proceeds from the Letlapa Tala Collection of blue diamonds was offset by weaker prices following the COVID-19 outbreak and the deferral of sales to January 2021 of some 382 000 carats yielding around $30.5 million through a tender which closed on 15 January.
Company chief executive Richard Duffy said consolidated net debt increased to $700.4 million in the first half of the year compared to $635.0 million in the previous year, with total cash of $106.3 million.
He said the continued improvement in the diamond market, with prices now back at pre-COVID19 levels, was encouraging.
Petra's profit from mining activities less exploration and corporate overhead (adjusted EBITDA), jumped 20% to $80.8 million from $67.2 million, the corresponding period last year, representing an adjusted EBITDA margin of 45%, driven by the one-off sale of the Letlapa Tala Collection of blue diamonds and lower mining and processing costs.
Meanwhile, Petra said production was down 16% to 1,74 million carats from the previous year's 2 million carats.
It said production guidance for the fiscal year 2021 remains suspended due to the ongoing uncertainty around the impact of COVID-19.
"Furthermore, the Williamson mine remains on care and maintenance, as has been the case since April 2020, and this situation remains under continual review," said Petra.
"The company is closely monitoring the impact of COVID-19 on its clients' ability to attend tenders and will continue its flexible approach in planning its upcoming sales events."

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