Firestone Diamonds

Press: Firestone Diamonds rose after it said it had sold all of the gems offered at its fourth sale of the year for GBP1.8million. The company,... read more

Press: Firestone Diamonds rose after it said it had sold all of the gems offered at its fourth sale of the year for GBP1.8million. The company, with mines in Lesotho and Botswana, said the diamonds it sold totalled 47,576 carats. Firestone added that although prices were 30 per cent lower than their July peak, they had begun to stabilise due to strong demand from India and China. Source - Mail

19.09.11 :-0.88, (18) Charles Stanley downgrades Firestone Diamonds from buy to hold, target price cut from 37p to 20p.

19.09.11 :-0.88, (18) Charles Stanley downgrades Firestone Diamonds from buy to hold, target price cut from 37p to 20p.

Press: Firestone Diamonds rose after saying that its latest diamond auction results were 33% higher at its flagship project in Lesotho than in... read more

Press: Firestone Diamonds rose after saying that its latest diamond auction results were 33% higher at its flagship project in Lesotho than in December 2010, with the stones averaging GBP79 per carat. Source - Mail

Share tip: demand for diamond rings is risiing in western economies, while emerging markets such as India and China are fast catching up. This... read more

Share tip: demand for diamond rings is risiing in western economies, while emerging markets such as India and China are fast catching up. This bodes well for companies such as Firestone, which joined AIM in 1998 and in 2005 appointed Tim Wilkes, a former director of diamonds giant De Beers, as chief operating officer. He was promoted to chief executive last week after having succeeded in growing the business and switching the focus from exploration to production. The Lesotho mine, which started production a few weeks ago, is causing much excitement at the group, with Firestone having already unearthed three high-quality gems from it. As production is costly given all the upfront expenses, brokers do not expect Firestone to make a profit this year. But they forecast profits of GBP10 million in 2012, rising to GBP22 million in 2013 and GBP37 million in 2014. As with all small mining firms, there is an element of risk, but one worth looking at for many investors says the Mail.