Wednesday, January 12, 2011

Petra Diamonds Says First-Half Mine Revenue Rises 44%

Petra Diamonds Ltd., a miner of the stones in southern Africa, said fiscal first-half sales rose 44 percent to $90 million after prices increased.

Petra produced 582,102 carats in the period and expects to achieve its output target of about 1.3 million carats for the full financial year through June, the Hamilton, Bermuda-based company said today in a statement.

Prices of rough, or unpolished, diamonds gained 26 percent in 2010, surpassing highs reached before the world economic slump, as consumption grew in emerging economies and U.S. demand recovered, according to data compiled by WWW International Diamond Consultants Ltd.

Prices for diamonds from the Cullinan mine, Petra’s biggest, rose 38 percent in the period from a year earlier.

“The fundamentals of the rough diamond market remain robust and we anticipate continued strength in rough prices for at least the first six months of 2011,” the company said in the statement. “This trend will be enhanced should 2011 mark a return to global inflation and growth.”

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