Citing depressed bidding, Petra Diamonds said today that its fifth sales cycle of FY 2020 was curtailed.
The company chose to only sell a portion of its South African goods, representing about 75% by volume and about 50% by value. Due to opportunistic bidding especially for its larger size and higher quality diamonds, good were exported to Antwerp and sold through another marketing arm.
Rough diamond prices achieved at the company's fifth sales cycle were down about 27% overall on a like-for-like basis in comparison to those achieved at the fourth sales cycle in February 2020.