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 H1 revenue grows 49% to $264,7mln

23 february 2022
Petra Diamonds' revenue increased 49% to $264.7 million in the first half of the fiscal year 2022 compared to $178.1 million, a year earlier driven by the sale of exceptional stones totalling $77.9 million.
One of the exceptional stones sold is a 39.34 carat blue diamond from the Cullinan mine that was bought for $40.2 million.
The first half revenue also benefited from realised diamond prices on a like-for-like basis being up about 16% compared to the preceding six-month period to 30 June 2021.
Sales volumes reduced by some 7% compared to the comparative period when significantly higher volumes were sold, mostly off-tender, following the inventory build witnessed late in the fiscal year 2020 after the initial COVID-19 outbreak. 
Petra also said that its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 87% reflecting improved prices, the sale of Exceptional Stones, and Project 2022 cost reductions during the period. 
EBITDA margin rose from 45% to 57% significantly enhanced by revenue from the sale of Exceptional Stones, which may not be repeated at a similar level in future reporting periods.
The company’s adjusted profit before tax also rose to $91.1 million compared to $6.5 million, a year earlier.
However, its net profit after tax dropped to $49.1 million during the period under review from the previous year’s $67.6 million due to negative non-cash foreign exchange movement amounting to $63.4 million.
 “We have benefitted from the recovery in rough diamond prices, record proceeds from the sale of Exceptional Stones, and the improvements we have made in our operations, resulting in significantly improved safety levels, profitability and cash flow,” said Petra chief executive Richard Duffy.
“Our strengthened operating platform and balance sheet coupled with the robust rough diamond market sets us well for the second half of the year and we are well on track to meet FY 2022 operational guidance.”

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