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Diamonds & gemstones

Diamondcorp says prices held up in latest sales

Demand was good in all categories with prices in line with a previous sale in April

South African diamond miner DiamondCorp (LON:DCP) has generated almost US$800,000 from the sale of stones unearthed during the ramp-up period at its Lace mine.

Some 7,121 carats (cts) of diamonds were sold in the past three months to raise $782,455.

Of these, 4,863cts came from kimberlite mining and 2,258cts from tailings and fine diamonds.

A total of 5,716cts were sold by a competitive tender in Antwerp which was extended through until yesterday due to viewing interest.

Demand was good in all categories with prices in line with a previous sale in April except at the cheaper end, Diamondcorp said.

A further 1,406cts of kimberlite diamonds were sold this week by direct sales in Johannesburg and an 8.7 ct stone was sold earlier in the period for $5,700/ct.

Prices year to date for kimberlite stones average $169/ct, slightly ahead of the company's $164/ct base case.

The 2,258cts from tailings production and fine diamonds sold for a total of $96,149 representing $43/ct.

Shares rose 4% to 5.6p.