Industry News by Nemesis

Higher Average Price Drives Diamcor Rise

August 1, 2018

 

Revenue at Diamcor Mining increased 3% during the most recent fiscal year, boosted by a higher average price, the miner said Monday. 

Rough-diamond sales rose to $4.6 million during the 12 months ending March 31, the company reported. Average selling prices jumped 42% to $194 per carat, compared with $137 per carat a year earlier. By volume, sales fell 27% to 23,765 carats as lower processing levels resulted in a decline in production. 

The higher revenue was partly due to sales of 2- to 5-carat rough diamonds, a relatively strong category during the period, the company noted. Prices in the industry remained weak for smaller, lower-quality stones, it added. 

The miner’s net loss — which it refers to as total comprehensive loss — doubled to $3.1 million (CAD 4 million) from $1.5 million (CAD 2 million) a year ago due to higher operating expenses. 

Diamcor sources its rough from the Krone-Endora at Venetia mine in South Africa.

 

Source: Rapaport

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