Petra says its FY2022 revenue from diamond sales up 44% on strong jewellery retail demand

&#13

Editor’s Take note: With so significantly market volatility, stay on top of each day news! Get caught up in minutes with our fast summary of present day need to-examine information and expert viewpoints. Indication up listed here!

&#13

(Kitco Information) – South Africa-focused diamond miner Petra Diamonds (LSE: PDL) documented now that its output for the June quarter 2022 was down 6% y-o-y to 745,790 carats largely because of to reduce tonnes handled at the Cullinan mine.

&#13

Having said that, the organization claimed that its diamond production for the fiscal year ended 30 June 2022 amplified 3% to 3,353,670 carats and was in line with direction, largely owing to the resumption of mining at the Williamson mine.

&#13

The company’s FY 2022 total income amounted to US$585.2 million (FY 2021: US$406.9 million), comprising profits from diamond sales of US$584.1 million (FY 2021: US$406.9 million) and added income from earnings share agreements of US$1.1 million (FY 2021: nil).

&#13

Petra spelled out that 44% development in income from diamond product sales to US$584.1 million for FY 2022 (FY 2021: US$406.9 million) was driven in element by the increased amount of Extraordinary Stones offered, totalling US$89.1 million (FY 2021: US$62. million). Profits also benefited from a 41.5% increase in like-for-like diamond selling prices in FY 2022.

&#13

Importantly, the enterprise mentioned that in spite of significant international financial uncertainties resulting from the war in Ukraine, like-for-like rough diamond prices increased 41.5% for the complete calendar year to 30 June 2022, driven in distinct by record jewelry retail demand from customers in the US.

&#13

Petra Diamonds is a leading impartial diamond mining group and a supplier of gem good quality tough diamonds to the worldwide sector. The company’s portfolio incorporates passions in 3 underground making mines in South Africa (Finsch, Cullinan Mine and Koffiefontein) and one open up pit mine in Tanzania (Williamson).

&#13
&#13
&#13

Disclaimer: The sights expressed in this short article are these of the author and may possibly not reflect all those of Kitco Metals Inc. The writer has produced just about every energy to guarantee precision of facts provided nevertheless, neither Kitco Metals Inc. nor the writer can guarantee these accuracy. This report is strictly for informational needs only. It is not a solicitation to make any exchange in commodities, securities or other monetary instruments. Kitco Metals Inc. and the writer of this article do not settle for culpability for losses and/ or damages arising from the use of this publication.&#13