Morning Bites (part 1)

💎Petra Diamonds' LFL rough prices grew 12.5% at the March auction, vs. December. However, the miner's LFL rough prices were still down 11.9% YoY, mostly due to the high base effect. According to Petra CEO Richard Duffy, the upbeat dynamics were supported by China reopening and stronger demand from major jewellers (generally, for smaller categories). However, we keep our cautious view on the diamond sector, following the adverse macroeconomic conditions globally, soft US jewellery data and weak De Beers’ sales in the first 2 cycles of 2023

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