32% Rise Reported in Half Yearly Sales by Petra Diamonds

Petra Diamonds, the African mining group, has shared that it has managed to substantially benefit from the recovery that has been recorded in diamond prices, and the group's sales for the six months up-to December 31 2009 have surged by 32% to $62.4 Million.

During the aforementioned half year, a total of 572,227 carats were sold by the company, which is a rise of a whopping 55% as compared to the same period for 2008. The firm has shared that it is right on track to live up-to its production target of 1.2 million carats for the 2010 fiscal year.

When talking about its long term plans, Petra said that its current expansion program will aim at taking production to over 3 million carats every year by the time 2019 rolls in.

"Petra has continued to consistently meet its operational targets and our production growth is on track as targeted for the 2010 financial year. The rough diamond market has improved significantly over the last six months and we have seen prices come back strongly at each of our six producing mines", said CEO Johan Dippenaar.

Executives of the company have stressed that the market is now in a much better and stronger position, which has led them to believe that Petra's performance and sales are all set to be better over the coming times.