Morning Bites (part 2)

💎Petra Diamonds’ LFL rough prices at its December auction surged 20% from the previous tender (Sep-Oct), mainly driven by higher proceeds from <2ct categories. However, YTD LFL prices remain subdued (-13% vs. the three equivalent tenders of FY 2023). According to Petra CEO Richard Duffy, this sharp increase in LFL prices implies that diamond prices have likely bottomed, supported by upbeat retail sales in the US and the resumption of Indian diamond imports from 15 December. Furthermore, over the December tender, the miner realised 463kct (+4% vs. the October auction and +53% YoY). In our view, the news is moderately positive for the market sentiment, and might indicate a looming recovery in the stressed diamond sector, if this trend persists

#diamonds
https://metals-wire.com/sector/Diamonds