Diamond mining group Petra Diamonds has sold 462 794 ct of diamonds for $58.7-million in its third tender for the 2024 financial year. This is higher than the 444 029 ct sold for $41.5-million in the second tender of the current financial year and the 303 300 ct sold for $41.5-million in the third tender of the 2023 financial year. The average price for the third tender of the current financial year was $127/ct, higher than the $91/ct achieved in the second tender of the year, but lower than the $137/ct achieved in the third tender of the prior financial year. "The 20% increase in like-for-like prices for our third tender of financial year 2024 supports the view that diamond prices have likely bottomed. "We believe actions taken by major producers to curb supply and the two-month Indian moratorium that comes to an end on December 15, together with strengthened retail sales in the US, have improved market conditions as inventory levels across the pipeline rebalance.