Petra Diamonds Limited reported Q3 FY2026 revenue of $68 million, marking a strong 39% sequential increase, driven by the sale of 781,797 carats. Despite the growth, the average realised price declined 11% to $87 per carat, reflecting a 15% dip in like-for-like pricing, partly balanced by a better product mix.
A key highlight of the quarter was the confirmed sale agreement for a rare 41.82-carat Type IIb blue diamond recovered from Cullinan Mine. The deal includes an upfront payment along with a retained stake in the polished diamond’s future sale value. The stone will be cut and polished within South Africa.
Operationally, performance varied across assets. Cullinan stood out with improved volumes and stable pricing trends, while Finsch Mine faced softer conditions, with average prices falling 22% QoQ due to weaker demand for smaller stones. As a result, Petra has revised Finsch’s FY2026 pricing outlook to $60–$70 per carat.
Joint CEOs Vivek Gadodia and Juan Kemp noted that while market conditions remain challenging—particularly in smaller size categories—the recovery of a high-quality blue diamond reinforces Cullinan’s resource strength. They added that the structured agreement allows Petra to maximise long-term value while leveraging expertise in diamond manufacturing and sales.