Johannesburg - Diamond mining junior Petra Diamonds said on Monday that the market was experiencing a 'diamond rush' because of "the shift of power in the diamond industry".

The company said a number of diamond companies have recently sought to raise money and acquire a public listing in London.

It said this was due to the diamond industry opening up to new players due to the shift of power in the industry and the "dramatic restructuring of the diamond pipeline".

While Petra reported the widening of its full year losses from 13.11 US cents a share to 13.60 US cents a share, the company believed the current financial year held far more promise.

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