SGL London launches its 8th laboratory in Jaipur

SGL is the first international laboratory in Jaipur and will initially offer diamond studded jewellery certification and polki diamond jewellery certification.

Post By : IJ News Service On 06 April 2013 2:34 PM
Petra Diamonds Limited has announced its sales and production trading statistics (unaudited) for the year ending 30 June 2009. It noted an increase of 453.6 percent increase in production to 1,108,815 carats, from all its seven operations. Last year company production amounted to 200,287 carats. %% Its Cullinan mine was the major contributor to net increase in sales and production and in helping the company achieve its stated goals. Cullinan, was bought from De Beers in July 2008. It has produced 898,043 carats during the year at full production. Johan Dippenaar, Chief Executive Officer said, “We have grown our production substantially, continued to find world class stones, effectively managed our cost base and expanded our geographic footprint." %% Despite the good production levels, group revenues fell to US$69.1 million, as compared to US$76.9 million last year. The reduced prices of rough diamonds have affected revenues, the company said. In the global economic slowdown, average rough prices had dropped by up to 65 percent between September 2008 until early-2009. They have since recovered by about 25 percent. Petra cites some improvement in demand for rough, and liquidity, since April 2009. Its rough diamond tenders were well attended and all parcels offered for sale were sold. Also, it noted the re-emergence of the inter-dealer trading, which is injecting confidence back into the market. The company noted its Cullinan tender in September was sold for an average price of $100 per carat, although the average recorded for the said year slipped to $66 per carats. One million carats of the total production at Petra during the year sold for average price of $93 per carat, while in the previous year, 230,172 carats sold for an average $336 per carat. The lowered average price is being attributed to the lower grade Cullinan production coming on stream. %% Dippenaar added that “Trading conditions remain challenging and our cash flow remains tight, with the recent strengthening of the rand absorbing much of the benefit of the increase in rough prices.” %% Production at Koffiefontein mine and Star, Helam and Sedibeng fissure mines were reduced to cut costs and the company also closed its purchase of the Williamson mine in Tanzania from De Beers. The Williamson mine contributed 52,089 carats to the portfolio. The company is hopeful of soon purchasing the De Beers Kimberley underground operation. %% The share price of Petra is lowered by 58 percent over that of last year.

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