Industry News by Nemesis

Lace Run-of-Mine Diamonds Sold for $189/Ct.

June 15, 2016

DiamondCorp sold two batches of rough diamonds from its Lace mine for $436,597 (ZAR 6.5 million), with a parcel of run-of-mine diamonds fetching a record price.

The 1,838 carats of run-of-mine goods sold for an average of $189 per carat. A separate parcel of 1,679 carats of tailings diamonds fetched $53 per carat. 

“The latest selling price is the highest achieved to date for run-of-mine Lace kimberlite diamonds and underlines the conservative nature of the $164-per-carat base case in the company's resource statement and financial models.” 

The diamonds were sold to South African licensed diamantaires, who have the opportunity to bid for DiamondCorp’s stones during a four-day window while goods are being exported from the country to Antwerp for tender sale. If the reserve prices placed by DiamondCorp on the parcels are exceeded during this period, then the miner is obliged to sell the diamonds to the highest bidders rather than ship them, the company said. 

 

Source: Rapaport

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