Final sales results for Tender 3 FY 2025
Tender 3 sales of US$71m at US$101/carat; FY2025 price guidance cut; retrenchment process initiated.
- Tender 3 sales US$71 million (prior US$76 million)
- Tender 3 carats sold 700,803 carats (prior 600,161 carats)
- Tender 3 average price US$101/carat (prior US$126/carat)
- Year-to-date FY2025 sales US$146 million (prior US$188 million)
- Year-to-date FY2025 carats 1,300,964 carats (prior 1,659,620 carats)
- Like-for-like price change -7%
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“Our third tender cycle yielded US$71 million from the sale of 700,803 carats bringing year-to-date sales revenues to US$146 million from the sale of 1,300,964 carats. Like-for-like[1] prices reduced by 7% from the previous tender cycle held in October reflecting a continued weak market across most size ranges, although we were encouraged by the 3% increase in the 5-10.8 carat category. As a result of the prevailing market weakness, we have revised our price assumptions for FY 2025 as set out below. Despite the market backdrop, we are encouraged by the majors’ ongoing discipline around restricting the volume of rough diamonds to support the market and initiatives by upstream, midstream and retail sectors to collaborate in the category marketing of diamonds.
We remain committed to our target of net cash generation in FY 2025 and have commenced additional cash generation and savings initiatives. This has regrettably required us to initiate a section 189 (retrenchment) process affecting our Group and SA Operations support functions. Vivek Gadodia has been appointed Chief Restructuring Officer to lead the execution of this work.
Refinancing discussions have been deferred to CY 2025 to enable these cash generation initiatives to take effect and to benefit from greater certainty in respect of market conditions. We remain confident of a successful refinancing of the 2026 2L Notes and a further update will be provided at the time of our interim results in February 2025.”
Rough diamond sales results for the respective periods are shown below.
| Tender 3 FY 2025 Dec 24 | Tenders 1-2 FY 2025 Oct 24 | Variance | YTD FY 2025 Tenders 1-3 | YTD FY 2024 1 Tenders 1-3 | FY 2024 | |
|---|---|---|---|---|---|---|
| Diamonds sold (carats) | 700,803 | 600,161 | +17% | 1,300,964 | 1,659,620 | 3,158,780 |
| Sales (US$ million) | 71 | 76 | -7% | 146 | 188 | 366 |
| Average price (US$/ct) | 101 | 126 | -20% | 112 | 113 | 116 |
Mine by mine average prices for the respective periods are set out in the table below:
| US$/carat | Tender 3 FY 2025 Dec 24 | Tenders 1-2 FY 2025 Oct 24 | YTD FY 2025 Tenders 1-3 | YTD FY 2024 Tenders 1-3 | FY 2024 |
|---|---|---|---|---|---|
| Cullinan Mine | 100 2 | 146 | 121 | 112 | 116 |
| Finsch | 72 | 84 | 78 | 99 | 98 |
| Williamson | 174 | 164 | 170 | 202 | 191 |
2Excluding the 88 kcts of brown goods withdrawn from Tender 1-2 and sold in Tender 3, at a revenue of US$3 million, average prices of US$122/ct would have been achieved.
Our revised pricing assumptions for FY 2025 are:
| US$ per carat | FY 2025 Original | FY 2025 Revised |
| Cullinan Mine | 125 – 135 | 120 – 130 |
| Finsch | 98 – 105 | 80 – 90 |
| Williamson | 200 – 225 | 170 – 200 |
Like-for-like prices
Like-for-like rough diamond prices for goods sold declined by 7% on Tenders 1-2 FY 2025 across most product categories, with a 3% increase in 5–10.8 carat stones. Year-to-date like-for-like prices are down 10% compared to the equivalent three tenders of FY 2024, mainly from smaller size categories.
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