Petra Diamonds sales rise as production ramps up

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Petra Diamonds increased sales by more than a fifth in the first quarter of its financial year, as higher production, better quality stones and a weakening of the South African rand more than offset a slump in the price of the gems.

The miner, which operates predominantly in South Africa and Tanzania, reported a 22pc rise in sales to  $80.2m (£61.5m) in the three months to October. Production was up by a fifth, while the market price for diamonds dropped 5pc.

The company’s chief executive, Johan Dippenaar, said Petra was on track to hit its full-year guidance, news which will come as welcome relief to long-suffering shareholders, who were tapped for cash in a $170m (£127m) discounted rights issue…





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