Market NewsNewsPetra Diamonds 22% rise in Q1 revenue

Petra Diamonds 22% rise in Q1 revenue

South Africa’s Petra Diamonds increased sales by more than a fifth in the first quarter of its financial year, as higher production, better quality stones and a weakening of the rand offset a slump in the price of the precious rocks it mines, reported.

Revenue rose 22 percent in the quarter to $80.2 million from $65.8 million a year prior, despite diamond prices being 5 percent lower when compared to the same period of 2017, said the report.

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