The sparkling rise of rough diamond prices helped Petra Diamonds (PDL) post a 24% jump in full-year revenues, despite a slip in production.

The AIM-listed diamond miner said gross mine revenue was $221 million (£136.9 million) in the year ended 30 June, and would have risen as much as 55% if the exceptional sale of the $35 million Cullinan Heritage diamond was excluded from the 2010 figures.

Petra also enjoyed a 4% rise in the gross carats sold during the period to 1,174,825 amid robust retail demand, particularly from China, India and to a lesser degree, the US.

However, gross production dipped 4% during the year to 1,116,965 carats due to a combination of factors including unseasonable heavy rainfall in South Africa, lower-than-expected volumes from Kimberley Underground due to initial commissioning difficulties and the planned cessation of main pit production at Williamson.

Despite this, Petra remains confident in its goal to double production in FY 2012 and hit as much as four million carats in the 2014 financial year.

At the start of this year, the company acquired the Finsch mine in South Africa from De Beers which will more than double its annual carat production and increase the group resource base to over 300 million carats, it said.

Chief executive Johan Dippenaar said: "Petra has once again recorded significant growth in revenue, reflecting the health of the rough diamond market. Whilst production was relatively flat for the period, we will see a further step-change in output for the 2012 financial year as the Finsch acquisition is expected to complete shortly."

The company believes that not only will production swell on the back of the Finsch mine, but it will draw in interest from manufacturers as demand for rough diamonds continues.

Most industry commentators expect market trends to continue as they are, as supply struggles to keep pace with demand.

"The backdrop to the supply side remains the same, in that the world's major diamond mines are in decline and cannot maintain previous high levels of output. Whilst some new mines are coming on stream in the coming years, there is nothing of significant size to make up for this shortfall. Meanwhile, demand for diamonds continues to rise, in both established and new markets," the company said.

It also reiterated its goal to move from AIM to the Main Market by the end of this year.