Rockwell Diamonds sees $13 million loss in current fiscal

The fiscal year ending 28 February, 2009 generated a higher loss for Rockwell Diamonds, as compared to the previous fiscal. The current fiscal loss amounted to $13 million, while last fiscal it was $9.4 million. Revenues slipped by 4 percent to $34.6 million and sales were nil between November 2008 and February 2009.

The dismal performance triggered with falling demand for diamonds due to the market slowdown, lack of credit facilities, fall of around 50 percent in diamond prices, reports say. High oil prices added to the loss. The company is preparing to work on an aggressive growth strategy to better the losses.