In his speech at the conference Bank of America Merrill Lynch Sun City representatives told Petra that the 2017 financial year, the average diamond price Finsch will be $ 100-105 per carat, at the Cullinan - $ 105-115 per carat, and Koffiefonteyn - $ 520-550 per carat .
However, this forecast were excluded stones valued at more than $ 5 million.
In the first half of the 2017 fiscal year, the average price of stones with Finsch was $ 98 per carat, and Cullinan - $ 127 per carat, while Koffiefonteyn managed to get an average price of $ 495 per carat.
"In the first half of the 2017 financial year, there were strong market conditions, the prices tend to be on a par with the levels of the first half of 2016 financial year", - said in Petra.
Finsch project has registered an average price of $ 89 per carat during the 2016 financial year, on the Cullinan was received on average $ 126 per carat, while Koffiefonteyn at an average price of $ 462 per carat.
Meanwhile, Petra noted that the signs of stabilization in the market for rough diamonds are obvious due to strong demand for most sizes, with the exception of a small category with a lower cost, which experienced some pressure on the tender in December 2016 due to the policy of the Indian government demonetization.
In the first half of 2017 fiscal year revenue of Petra Diamonds increased by 48% to $ 228.5 million compared with $ 154 million a year earlier.
Revenue growth has allowed to increase the EBITDA profit to $ 87.1 million from $ 48.5 million a year earlier.
Adjusted net profit after tax also increased by 348% to $ 28.2 million compared to $ 6.3 million for the same period last year.
During the reporting period, production Petra rose by 24% to 2.02 million carats against 1.62 million carats a year earlier.
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Representatives of the Council to promote the export of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) and the Indian Diamond Exchange (Bharat Diamond Bourse, BDB) met with a delegation of American experts to discuss issues related to compliance with legal provisions, the portal gjepc reports. org. At the head of the US delegation was Andrew Keller (Andrew Keller), Deputy Assistant Minister of Foreign Affairs and the head of department of the Ministry of Finance and the sanctions to address threats. In addition, the delegation included Hayme Mudi (Jaime Moody) of the US diplomatic service on sanctions policy, and Tricia Chilimbi (Trisha Chilimbi), the US State Department economist at the consulate in Mumbai.
Chairman GJEPC Pravinshankar Pandya (Praveenshankar Pandya) prepared a presentation, in which he told about the development of the Indian jewelry industry since the beginning of exports of gems and jewelery and to the current moment, when the country became a major player in the global jewelry industry.
Keller was reportedly told about the strong impression that it has made the development of Indian industry of gems and jewelry. He talked about the mood of American consumers and that "generation zero" is not experiencing that attraction to the jewelry that was inherent to their parents and grandparents. According to him, the US jewelry industry is faced with this problem.
In addition, he said, "KP has legitimacy because of its tripartite nature, we need the participation of civil society, and we are working to get their trust.".
Anoop Mehta (Anoop Mehta), president of the BDB, spoke about his experience of working with members of civil society and the need for dialogue. He informed the delegation that on his invitation for Responsible Jewelry Council practice (Responsible Jewellery Council, RJC) held one of its annual meetings in Mumbai and then its members visited Surat to watch the cutting and polishing factories and talk to representatives of the jewelry industry.
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