Petra's Wiliamson diamond sales up 5%

Petra's Williamson Diamonds has posted 5 per cent increase of sales revenue 31 million US dollars in the first half of 2016/17 compared to 29.5 million US dollars of the corresponding period in the previous year.

According to the latest trading update, published by Petra Diamonds, the majority owner of the mine, Williamson diamonds posted total sales revenue of 78.9 million US dollars for the year ended December 2016.

The total production of diamonds rose by 12 per cent in the second half of year 2016 to 106,831 carats (ca), from 95,841 ca of the second half 2015.

The update notes that in second half 2016, the commissioning of a new mill section at the Williamson mine commenced and is expected to be completed during first quarter of 2017. 

“Upon commissionin the Williamson diamond mine, 23 kilometers (14 mi) northeast of Shinyanga, in the northern part of the country.

Petra Diamonds, through its subsidiary Williamson Diamonds Limited, holds 75 per cent of the ownership rights over the mine, while the Tanzania government owns the remaining 25 per cent.

In 2015, the company produced 202,265 ca and plans to increase its production to 350,000 ca per annum in 2017. ing, both throughput and grades will improve…,” Petra indicates.

Petra noted further that, “We are seeing some evidence of improving retail demand, with certain jewelry retailers reporting slight growth in sales for the 2016 festive period and at least narrowing declines being noted by others,”

The signs of stabilisation in the rough diamond market are evident with steady demand across the majority of size ranges, except in the smaller, lower value categories which have been experiencing some pressure due to the Indian government’s demonetisation of high value banknotes and the subsequent impact of smaller midstream players on liquidity in the Indian diamond market.

Petra said also that it is expecting market conditions to remain stable in first half of 2017.

Tanzania Diamonds in Tanzania are found mainly In 2015, Tanzania was the 10th largest diamond producer in Africa after Botswana (17.3m ca), Angola (7.1m ca), South Africa (6m ca), the Democratic Republic of Congo (3.15m ca), Namibia (1.92m ca), Sierra Leone (0.5m ca), Zimbabwe (0.5m ca), Lesotho (0.35m ca) and Ghana (0.24m ca).

According to Petra Diamonds, the Williamson mine contains large diamond resources of approximately 38.1m ca.
Source: Daily News, reported from Dar es Salaam, Tanzania
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