18 Aug 2019
DiamondWorld Directory
Home |
News
Home
Rockwell Diamonds sales at US$ 5.3m was 66 per cent lower in Q3
Rockwell Diamonds Inc.’s announcement says production went down from 10,228 carats produced in Q3 2015 to 3,990 carats in Q3 2016
By: Diamond World News Service
|
Jan 9 2016 9:37AM
|
Reference: 12546  

DecreaseIncrease
Rockwell Diamonds
Rockwell Diamonds

The announcement of its production and sales results for the third quarter ending November 30th, 2015 tells a difficult future for the company. In fact, production went down from 10,228 carats produced in Q3 2015 to 3,990 carats in Q3 2016.  Similarly, the value of diamonds sold at US$ 5.3m was 66 per cent lower than that US$ 15.8m achieved in the same period last year, Sales by volume fell 71 per cent from 13,759 carats solds in Q3 last fiscal to 4,021 carats this year. Middle Orange River carat sales were down 28 per cent quarter-on-quarter to 3,823 carats, and the value of these goods declined 48 per cent to US$ 5.0 million, says the report. 

The company report further elaborates in the matter, “Average carat price realised from the Company's MOR projects declined by 28 per cent quarter-on-quarter, to US$ 1,295 per carat reflecting general market weakness, and sub threshold processing volumes for the recovery of larger stones at RHC.” 

In view of the above dismal performance, the company has plans to restructuring. As the report says, “In order to ensure the economic sustainability of the business, we have also implemented a corporate restructuring and cost saving measures, which will see a flatter reporting structure and will eliminate annual costs of at least C$ 800,000.” 

Moreover, as part of the “restructuring”, section 189 notices were issued to all employees on January 5, 2016. “Consultation processes have commenced internally and the outcome will affect a number of employees, with the real impact to be assessed during the consultation process,” the Company declared in its announcement.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
HouseAd_Trade Fair
Recent Issue
2019
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 16518
GJEPC Chairman Interview
Views: 15290
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 22146
Promo for IJ Awards 2012 at NDTV Profit
Views: 34956
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 38395
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 12696
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 36438
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 34396
Member of:
Supporter of: