StockMarketWire.com - Gem miner Petra Diamonds reported a 48% rise in first-quarter revenue after it sold a batch of large stones.

Revenue for the three months through September increased to $114.9 million, up from $77.7 million year-on-year.

The increase was driven by proceeds from the sale of exceptional stones worth a combined $50.2 million.

Diamond prices on a like-for-like basis rose around 3% compared to the fourth quarter of the 2021 financial year.

The rise in revenue came despite first-quarter production dropping 12% year-on-year to 861,991 carats.

The fall was largely attributable to the Finsch mine's high levels of production before the impact of a waste ingress and resultant decrease in throughput and grade.

Still, output was up 8% compared to the previous quarter and on track to meet guidance for the full year, Petra Diamonds said.


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