REG-Petra Diamonds Limited: Sales results for Q3 FY 2026 and Sale of 41.82 carat Type IIb blue diamond

Petra DiamondsAnnouncement

Today 07:02

FOR IMMEDIATE RELEASE.

     
     

 

 

 01 April 2026  LSE: PDL  

 

Petra Diamonds Limited

("Petra", "the Company" or "the Group")

 

Sales results for Q3 FY 2026

Sale of 41.82 carat Type IIb blue diamond

 

 

Petra Diamonds Limited today provides an update on its Q3 FY 2026 sales
results and the sale of the 41.82 carat Type IIb blue diamond, announced on 13
January 2026.

 

During Q3 FY 2026, Petra sold 781,797 carats which resulted in higher revenue
at US$68 million, compared with US$49 million in Q2 FY 2026. The average Group
price achieved in Q3 FY 2026 was US$87 per carat, 11% lower than the US$98 per
carat achieved in Q2 FY 2026. This pricing was affected by a 15% reduction in
like-for-like          1           prices across all product sizes, partly
offset by an improved product mix that contributed to an increase of 4%. The
smaller size categories have continued to see weaker prices, offset by
improving demand in the coarser higher valued diamonds.

 

We are also pleased to announce that following a competitive tender process,
an agreement has been entered into for the sale of the 41.82 carat Type IIb
blue diamond of exceptional colour and clarity that was recovered at Cullinan
Mine in December 2025.

 

Under the terms of the agreement, the Company receives an initial
consideration linked to the value of the rough diamond and retains a
significant economic interest in the profit realised from the sale of the
polished stone, which could take c. 12 months to materialise. This, we
believe, provides Petra the best chance of maximising value from this stone.
The initial consideration has been booked as revenue for Q3 FY 2026 and is
included in the total revenue numbers and average realised price for this
quarter. Further updates will be made as and when appropriate.

 

Certain commercial terms of the transaction, including the initial
consideration and the identity of the counterparty, remain confidential at
this stage, as per the terms of the agreement. We are, however, pleased to
confirm that this blue stone will be cut and polished in South Africa, which
was a key consideration for us in order to continue supporting the South
African beneficiation sector. The company will provide further updates as
appropriate.

 

Vivek Gadodia and Juan Kemp, Joint CEOs of Petra Diamonds commented:

 

"While the overall market remains challenging, especially in the smaller sized
segments, recovering a sizeable, exceptional quality diamond demonstrates the
quality of Cullinan Mine's significant resource. The agreement we have reached
on this blue stone will enable leveraging considerable experience in the
manufacturing and sale of polished diamonds to extract maximum value for Petra
while also allowing for the cutting and polishing of this stone in South
Africa and we look forward to seeing the ultimate outcome of this magnificent
gem."

 

Turning back to our normal sales, the quarter experienced further price
weakness in the diamond market, particularly in the smaller size segments.
This has impacted both the mines, but unlike the Cullinan Mine, whose product
mix was able to partly mitigate the overall reduced prices achieved, Finsch
did not have that benefit and experienced a significant overall reduction of
22% on average prices received quarter on quarter. In comparison, the Cullinan
Mine experienced an overall reduction of 9% quarter on quarter, largely due to
the reduced prices for the smaller goods, as well as the inventory release
held at the end of H1 FY 2026, which had a larger proportion of smaller goods
within the Cullinan Mine inventory.

 

While Finsch continues to ramp-up production from the new project area, which
should lead to an improved product mix, we don't anticipate the improvement
from this product mix to fully mitigate the much weaker prices across the
smaller size ranges currently being experienced in the market, which as noted
above, impacts Finsch a lot more than Cullinan owing to the lack of high value
+10.8 carat stones at Finsch. The recent Middle East tensions have also
dampened sentiment, with travel disruptions through the Middle East directly
impacting tender participation for our goods. Consequently, we are revising
our pricing assumptions for Finsch to achieve between US$60 - US$70 for the
full FY 2026. We retain our pricing assumptions for the Cullinan Mine, despite
the year-to-date average being US$118/ct, due to the continuing global
uncertainties, as well as the continued market weakness in the smaller size
diamonds.

 

Group rough diamond sales results for the respective periods, including the
sale of the 41.82 carat Type IIb blue diamond, are set out in the table below:

 

                         FY 2026                 FY 2025        FY 2025    
                         Q3       Q2       Var.  Q3       Var.             
 Diamonds sold (carats)  781,797  494,237  58%   558,651  40%   2,359,904  
 Sales (US$m)            68       49       39%   42       64%   206        
 Average price (US$/Ct)  87       98       -11%  74       17%   87         

 

On a year-to-date March 2026 vs year-to-date March 2025 basis:

 

                           YTD Q3  FY  2026  YTD Q3  FY  2025  Var.  
 Diamonds  sold (carats)   1,745,320         1,672,034         4%    
 Sales  (US$ million)      168               156               8 %   
 Average  price  (US$/Ct)  96                93                4 %   

 

Price comparison by operation

Mine by mine average prices for the respective periods are set out in the
table below:

 

 Cullinan Mine  Unit    FY 2026                FY 2025        
                Q3               Q2       Var  Q3       Var   
 Revenue, US$m  US$m    50       33       52%  23       117%  
 Diamonds Sold  cts     453,518  271,983  67%  294,592  53%   
 Average $/ct   US$/ct  109      120      -9%  77       43%   

 

 Finsch Mine    Unit    FY 2026                 FY 2025        
                Q3               Q2       Var   Q3       Var   
 Revenue, US$m  US$m    18       16       13%   19       -5%   
 Diamonds Sold  cts     328,279  222,254  48%   264,059  -24%  
 Average $/ct   US$/ct  56       72       -22%  72       -22%  

 

 US$/carat      YTD Q3 FY 2026  YTD Q3 FY 2025  Var.  
 Cullinan Mine  118             107             10%   
 Finsch         67              76              -12%  

 

Pricing assumptions for FY 2026 updated for Finsch as noted above.

 

 US$/carat       FY  2026 revised  FY  2026 previous  
 Cullinan  Mine  85  -  105        85 - 105           
 Finsch          60  -  70         75 - 85            

 

 1           
(https://polaris.brighterir.com/public/petra_diamonds/news/rns/story/xjd3vgx#_ftnref1)
                   Like-for-like refers to the change in realised prices
between tenders and excludes revenue from all single stones and Exceptional
Stones, being rough diamonds that sell for US$15 million or more each, while
normalising for the product mix impact

 

 

For further information, please contact:

 

                                Petra Diamonds, London

Julia Stone

Kelsey Traynor

Telephone: +44 (0)7495470187

investorrelations@petradiamonds.com

 

The information communicated in this announcement is inside information for
the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"), and is disclosed in accordance with the Company's obligations
under Article 17 of MAR. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be considered to
be in the public domain. The person responsible for arranging for the release
of this announcement on behalf of the Company is Robin Storey, General Counsel
& Company Secretary.

 

About Petra Diamonds Limited

 

Petra Diamonds                     is a leading independent diamond mining
group and a supplier of gem quality rough diamonds to the international
market. The Company's portfolio incorporates interests in two underground
mines in                     South Africa                     (Cullinan Mine
and Finsch).

 

Petra's strategy is to focus on value rather than volume production by
optimising recoveries from its high-quality asset base in order to maximise
their efficiency and profitability. The Group has a significant resource base
which supports the potential for long-life operations.

 

Petra strives to conduct all operations according to the highest ethical
standards and only operates in countries which are members of the Kimberley
Process. The Company aims to generate tangible value for each of its
stakeholders, thereby contributing to the socio-economic development of its
host countries and supporting long-term sustainable operations to the benefit
of its employees, partners and communities.

 

Petra's Ordinary Shares are admitted to the equity shares (commercial
companies) category of the FCA's Official List and are admitted to trading on
the Main Market of the                     London Stock Exchange            
        under the ticker "PDL". The Company's loan notes, due in 2030, are
listed on Euronext Dublin (Irish Stock Exchange). For more information, visit 
                                          www.petradiamonds.com              
                .



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