Petra’s latest tender cycle seen as confirming improving diamond price trend

Diamond mining and marketing company Petra has sold $72.1-million worth of rough diamonds in its fourth tender cycle, which is 12.5% up on the third tender's like-for-like prices and which is viewed as confirming an improving diamond price trend. Petra CEO Richard Duffy ascribed the positive pricing trend to a recovery in demand from China, coupled with a more buoyant outlook from the recent Hong Kong International Jewellery Show. Stronger demand from major jewellery brands has also supported prices for smaller goods, the London Stock Exchange-listed company that focuses on value over volume said on Wednesday.