Sales sparkle for Petra Diamonds as annual production rises by 17%
'Exceptional' gem: The recently-discovered 122.5-carat blue diamond
Petra Diamonds is predicting higher prices after a strong 2014 boosted by finding an ‘exceptional’ 122.5 carat blue gem.
Annual production was up 17 per cent to 3.1million carats as Petra pushes towards a target of 5million carats per year by 2019.
And revenues were also up 17 per cent, to £280.5million, as the group sold 23 per cent more diamonds.
Mining bosses often fight shy of predicting prices, but Petra boss Johan Dippenaar said he expects improvement in demand for sparklers.
He said the outlook on price was positive ‘due to constrained supply and a firm US market, as well as continued growth in emerging markets’.
Petra (up 5.6p to 216.6p) is spending money to enlarge operations at the Cullinan and Finsch mines, a project which contributed to a 20 per cent increase in expansion spending to £90.5million.
The undoubted highlight of Petra’s year was the discovery of the 122.5-carat blue diamond, pictured, from the Cullinan mine, with a sale expected next year.
It sold a much smaller 29.6 carat blue stone in February for £15million.
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