BlueRock Diamonds PLC (LON:BRD) has achieved record grades and production from the Kareevlei diamond mine in South Africa.
Some 3,516 carats were produced after the amount of tonnes processed in its second quarter rose 130% to 78,759 tonnes at a grade of 4.46 carats per tonne (cpht).
Average sale prices were US$430/c with one 24.9 carat stone sold for a record US$190,000 in June.
Mike Houston, who took over as executive chairman in May, said the improved grade and price per carat achieved were a strong indication of the potential of the Kareevlei resource.
He expects the miner to move into profit in the second half of the year with the focus thereafter how to increase production to the optimum level.
Volumes are running at almost double the average monthly rates for 2018, leading to a consequent increase in the number of carats produced.
Smarter mining and the consequent lower dilution has also led to an increase in the incidence of larger and higher grade stones.
A one-for-500 share consolidation has been proposed so that BlueRock shares can trade in a more normal price range.
Shares rose 10% to 0.11p.