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Petra Diamonds first-quarter revenue falls 24% amid lower gem prices

By BFN News | 07:35 AM | Monday 21 October, 2019


Petra Diamonds reported a 24% fall in first-quarter revenue owing to lower gem prices and a poorer product mix. Diamond output for the three months through September edged up 1% to 1.08m carats on-year. Petra Diamonds said it was on track to deliver guidance of around 3.8m carats for the 2020 financial year. Revenue fell 23% to $61.6m, due to lower diamond prices and sales volumes, compounded by a poorer product mix at Finsch, Williamson and Koffiefontein. Diamond priceson a like-for-like basis fell by around 4% in comparison to the fourth quarter of 2019. Petra Diamonds said that post quarter end, prices at its second tender indicated some stabilisation with early signs of modest improvement towards year end. Story provided by StockMarketWire.com

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