Industry News by Nemesis

Diamcor 1Q Sales Decline

July 11, 2017

Diamcor Mining’s rough-diamond revenue fell 3% to $1.9 million in the first fiscal quarter due to a drop in sales volume. 

The company, which sources rough from its Krone-Endora at Venetia mining project in South Africa, saw sales by weight slide 38% to 8,319 carats in the three months ending June 30, according to a statement Monday. The average selling price rose 56% to $223 per carat, as the tenders included larger diamonds than a year ago after an expansion in the company’s mining facilities. 

Revenue came from three sales during the quarter. A tender in April fetched $810,106 for 2,901 carats at an average price of $279 per carat. Another sale in May garnered $702,636 from 3,265 carats, with the average price standing at $215 per carat. The most recent tender, in June, achieved proceeds of $338,381 from 2,153 carats, resulting in an average price of $157 per carat.

 

Source: Rapaport

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