Petra Diamonds Limited provides an update on its Q3 FY 2026 sales results and the sale of the 41.82 carat Type IIb blue diamond, announced on13 January 2026. During Q3 FY 2026, Petra sold 781,797 carats which resulted in higher revenue at US$68 million, compared with US$49 million in Q2 FY 2026. The average Group price
achieved in Q3 FY 2026 was US$87 per carat, 11% lower than the US$98 per carat achieved in Q2 FY 2026. This pricing was affected by a 15% reduction in like-for-like1 prices across all product sizes, partly offset by an improved product mix that contributed to an increase of 4%. The smaller size categories have continued to see weaker prices, offset by improving demand in the coarser higher valued diamonds.
We are also pleased to announce that following a competitive tender process, an agreement has been entered into for the sale of the 41.82 carat Type IIb blue diamond of exceptional colour and clarity that was recovered at Cullinan Mine in December 2025.
Under the terms of the agreement, the Company receives an initial consideration linked to the value of the rough diamond and retains a significant economic interest in the profit realised from the sale of the polished stone, which could take c. 12 months to materialise. This, we believe, provides Petra the best chance of maximising value from this stone. The initial consideration has been booked as revenue for Q3 FY 2026 and is included in the total revenue numbers and average realised price for this quarter. Further updates will be made as and when appropriate.
Certain commercial terms of the transaction, including the initial consideration and the identity of the counterparty, remain confidential at this stage, as per the terms of the agreement. We are, however, pleased to confirm that this blue stone will be cut and polished in South Africa, which was a key consideration for us in order to continue supporting the South African beneficiation sector. The company will provide further updates as appropriate.
Vivek Gadodia and Juan Kemp, Joint CEOs of Petra Diamonds commented:
“While the overall market remains challenging, especially in the smaller sized segments, recovering a sizeable, exceptional quality diamond demonstrates the quality ofCullinan Mine’s significant resource. The agreement we have reached on this blue stone will enable leveraging considerable experience in the manufacturing and sale of polished diamonds to extract maximum value for Petra while also allowing for the cutting and polishing of this stone in South Africa and we look forward to seeing the ultimate outcome of this magnificent gem.”
Turning back to our normal sales, the quarter experienced further price weakness in the diamond market, particularly in the smaller size segments. This has impacted both the mines, but unlike the Cullinan Mine, whose product mix was able to partly mitigate the overall reduced prices achieved, Finsch did not have that benefit and experienced a significant overall reduction of 22% on average prices received quarter on quarter. In comparison, the Cullinan Mine experienced an overall reduction of 9% quarter on quarter, largely due to the reduced prices for the smaller goods, as well as the inventory release held at the end of H1 FY 2026, which had a larger proportion of smaller goods within the Cullinan Mine inventory.
While Finsch continues to ramp-up production from the new project area, which should lead to an improved product mix, we don’t anticipate the improvement from this product mix to fully mitigate the much weaker prices across the smaller size ranges currently being experienced in the market, which as noted above, impacts Finsch a lot more than Cullinan owing to the lack of high value +10.8 carat stones at Finsch. The recent Middle East tensions have also dampened sentiment, with travel disruptions through the Middle East directly impacting tender participation for our goods. Consequently, we are revising our pricing assumptions for Finsch to achieve between US$60 – US$70 for the full FY 2026. We retain our pricing assumptions for the Cullinan Mine, despite the year-to-date average being US$118/ct, due to the continuing global uncertainties, as well as the continued market weakness in the smaller size diamonds.
