Notwithstanding the recent softening of the diamond market and issues that have affected production at the Cullinan and Finch diamonds mines, Petra Diamonds remains in a strong position, being considerably more resilient through its strengthened balance sheet and the implementation of its operating model, together with ongoing cash generation. Petra CEO Richard Duffy highlighted this before reiterating guidance for the company’s financial year 2023 (FY23) and taking comfort from the underlying fundamental market support as a result of the structural supply deficit, regardless of any short-term volatility relating to prevailing macroeconomic challenges. (Also watch attached Creamer Media video.)
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