Petra Diamonds reports 16% increase in revenue

Independent mining firm Petra Diamonds revenues have climbed 16%, despite a 2% fall in production, in its six-month results up to December 31, 2014. 

The company reported revenue of $214.8m (£142.5m), up from $184.6m (£121.4m) in the same period the previous year.

The report included the sale of two “exceptional” diamonds, which went under the hammer for combined revenue of $38.7m (£25.5m).

Overall production, however, fell 2% to 1,601,069 carats compared with 1,634,576 carats the previous year. There was also a 1% fall in the amount of diamonds sold.

CEO Johan Dippenaar said: “These are solid results, with production on track to exceed our previous full year target of 3.2 million carats and revenue boosted by the exceptional diamond sales, despite softer market conditions.

“While the rough diamond market may be under short-term pressure, retail demand for diamonds remains solid and the fundamentals for our industry, which are characterised by tight supply and growing demand, are very favourable.”