Stellar achieves US$505,000 at auction of diamonds from Baoulé

Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announced the results of its auction of diamonds from its 75% owned, Baoulé kimberlite pipe in Guinea. The sales revenues totalled US$505,000, before costs. It adds to the company’s overall sales, bringing sales to date for 2015 to over US$922,000, of which US$700,644 are derived from the trial mine evaluation of Baoulé.

Stellar Diamonds Chief Executive Karl Smithson said: “We are delighted with the results from the latest diamond sale from Baoulé via the online auction eDiamond platform. The presence of larger, high value stones and the stability in the rough diamond market has resulted in an average price of US$156 per carat for the latest Baoulé “run of mine” parcel. Stellar’s total revenue from diamond sales in 2015 currently stands at US$922,000, of which US$700,000 is derived from Baoulé. Trial mining is on-going and further diamond sales are targeted for the coming year.”

In the sale, six lots totalling 48.12cts of +5ct stones sold for US$3,510.17 per carat ($168,909.23). The company’s revenue to date of US$700,644 was from 5,173 carats at an average of US$135 per carat. The latest run of mine parcel of 2,822 carats realised an average price of US$156 per carat. Trial mine evaluation continues with the objective to yield 15,000 carats for sale and valuation.