DiamondCorp completes sale of diamonds from Lace

DiamondCorp has completed the first sale of kimberlite diamonds from the Lace mine since 1931. The sale saw 8,648 diamonds being sold through a combination of direct and competitive tender methods. These were the same as the number of diamonds offered for sale. The company is a Southern African mining, development and exploration company. The company noted a good demand for the diamonds of all size categories.

Of the diamonds sold, 6,247 were of sizes greater than 1.25mm in diameter which were recovered from kimberlite development and production ramp up. The diamonds sold for US$1.09 million resulting in an average of $175 per carat.

The other diamonds included 2,401 carats of diamonds of less than 1.25 mm in diameter, selling for US$0.046 or US$19 per carat. There were two special stones - 22.1 carat H-colored stone bought at $5,000 per carat. This has been cut an polished into two stones .19-carat F coloured VVS2 emerald shape diamond and an E/F colour 0.85 carat pear shape diamond. The company will receive an additional 50 percent of the profit from these stones when the polished diamonds are sold. The second special diamond in the sale was a 1.08-carat Type II purple stone that sold for $6,363 per carat. This stone is an early indicator of the extra value that Type II and coloured stones can add to the Lace resource.

The Lace mine production in the March quarter of this year churned 3,438 carats of diamonds.

DiamondCorp CEO Paul Loudon said: 'We are extremely pleased with the level of demand shown for the Lace production and the prices we achieved in all size categories. Overall sentiment in the diamond market remains relatively positive compared to the end of 2015, and the price increases seen in January are being maintained.'