Morning Bites

💎Petra Diamonds’ LFL rough prices rose 4% at its February tender, vs. the December auction, according to a company statement. The miner’s rough diamond prices increased across all sizes, but in the >5ct categories they generally showed flat dynamics. However, in the 1-4 tenders of fiscal 2024 (held in July 2023 - February 2024), Petra’s average LFL prices were still 9% YoY lower. Although the news is slightly positive for sentiment, we reiterate our view that the global diamond market might remain stressed for the next 3-9 months amid the industry's still elevated inventories

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