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Namwaka Diamonds' sale generates $9.522 million
7.53ct Vivid Orange diamond earned the highest sale price of US$176,713 per carat
By: Diamond World News Service
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Nov 1 2010 6:27PM
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Reference: 5461  

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Namwaka Diamonds has made an incredible sale of diamonds, generating $9.522 million from the sale of 22,841 carats, as stated by Trading & Beneficiation Division of Namakwa Diamonds in its press release. Namwaka Diamonds is integrated diamond resource group focused on Southern Africa. Storm Mountain Diamonds is the Group’s innovative venture in Lesotho majority owned by Namakwa, together with the Government of Lesotho and local Basotho citizens.

The sale included Namakwa and Storm Mountain Diamonds’ product and was held in Johannesburg. The sale was for production from Namakwa Diamonds’ Mining Division and included: 6,298 carats from the kimberlite operations of Storm Mountain Diamonds in Lesotho; 10,549 carats from alluvial operations on the Kasai Central Node in the Democratic Republic of Congo (DRC); 5,994 carats from alluvial operations in the North West Province of South Africa, including a special 7.53ct Vivid Orange diamond and a 26.74ct D (IF) Type IIa diamond (both with flawless potential).

Highlight of the sale -

the 7.53ct Vivid Orange diamond was sold for a record price of US$176,713 per carat (achieving the highest price in the sale).

The 26.74ct D (IF) sold for US$44,000 per carat in line with market prices for similar product. Commenting on the sale, Heno Kruger, Namakwa’s Head of Trading & Beneficiation, said: “Achieved prices are significantly ahead of our expectations and demonstrate the shortage of the right product currently being demanded by the market. There was great interest in the two single stones with the Vivid Orange responsible for a level of participation in the tender that is almost without precedent in recent years. However, the real wins for us were the reception of our DRC product and the obvious branding potential of Storm Mountain Diamonds’ product.”Of the total sales generated, US $1,894,113 million is owed to Storm Mountain Diamonds.

Kruger further added, “For Namakwa, the result also proved the success of our mining strategy – a focus on sources of high quality product that we are sure the market will value highly. The team looks forward to further successful sales in the future.”

Of the total sales achieved, nearly 6,300 carats of production were from the Storm Mountain Diamonds operations in Lesotho, 10,549 carats from the Kasai Central Node in the Democratic Republic of the Congo, and around 6,000 carats from alluvial operations in the North West Province of South Africa.

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