Positive consumer demand for diamond!
The diamond market improved continuously! At the juncture of providing the update on Q2 FY 2021 trading, Petra Diamonds said, the diamond market has continued to show improved demand for rough diamonds, as evidenced by the publicly disclosed sales from the majors De Beers and Alrosa, with polished stock and industry debt levels at lower levels than they were at the same time in 2019 due to positive consumer demand as we enter the holiday retail season. In particular, demand for larger stones (+1 carat) have improved and there are expectations that this will carry into the new calendar year. However, there remains a risk around further disruption as a result of Covid-19. In terms of production in Q2 FY 2021 to date, the Cullinan mine continues to run ahead of the Company’s internal plan, combined with the positive revenue impact of the sale of the Letlapa Tala Collection for US$40.36 million in November 2020. The Finsch mine, however, has seen higher than expected levels of wast