Petra Diamonds Ltd reported solid buying activity at its latest tender, with the company generating a total of US$140.6 million from the sale of 735,222 carats of rough diamonds.

The miner’s fourth tender of FY 2022 included an exceptional rough from the Cullinan mine – a 157.8-carat white stone that sold for US$5.5 million. “Exceptional” stones are those that sell for US$5 million or more each, according to Petra.

Like-for-like rough prices were up 46.5 per cent during the six months to December 2021 and by 37.6 per cent on its third tender, which closed around December 15 last year. The company attributes stronger prices to product mix and steady demand.

Richard Duffy, chief executive of Petra, said the tender, held in South Africa for the first time since the start of the pandemic, was well-attended. “Demand spanned the entire spectrum of rough assortments and sizes, with a notable increase in the price of larger stones – particularly the white D-colours, for which Cullinan is renowned, as well as fancy colour diamonds,” revealed Duffy.

He attributed solid sales results to a healthy diamond value chain, with pricing in the rough market being driven by strong sales of polished and increased demand from manufacturers. “While we believe this market reflects the structural change in underlying supply and demand dynamics, which we expect to continue in the medium term, it is too soon to determine what impact the current conflict in Ukraine will have on the global economy and the diamond market specifically,” he added.