Morning Bites (part 2)

💎Petra Diamonds has revised down its production targets, according to the miner’s Investor Day presentation. It now expects to produce 2.8-3.1mnct in fiscal 2025 (ends on 30 June 2025) and 2.9-3.3mnct in fiscal 2026. This represents a reduction of ~20% from previous indications, reflecting Petra’s plan to reduce operating costs. On our numbers, small players are breakeven or loss making at current prices, which has already led to the supply response

At the same time, a further improvement in consumer sentiment in the US (53% of world polished demand) might trigger a recovery in the global diamond market in the next 3-6 months, amid the strong fundamentals, we believe

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