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The shares of London-listed Petra Diamonds plunged as much as 20 per cent today after the South African producer cut its full-year earnings expectations.
The owner of the Cullinan mine, which produced the diamonds for the British crown jewels, said it expected its 2018 fiscal year earnings to be 10 to 15 per below consensus.
“Petra’s stated strategy is to focus on value as opposed to volume production, which is particularly pertinent to diamond operations, as not all carats are of equal value,” Johan Dippenaar, Petra’s chief executive, said.
The miner has also cut its forecast for diamond production.
Petra, which was accused of under-declaring the value of the stones, is reportedly caught up in an industry-wide crackdown by the Tanzanian government. Petra has denied this.