COVID-19 Has Forced Prices Down 15 per cent, says BlueRock

By John Jeffay / June 09, 2020 / www.idexonline.com / Article Link

(IDEX Online) - British miner BlueRock says COVID-19 knocked 15 per cent off the price of rough diamonds sold from its Kareevlei mine, in South Africa.The company yesterday announced the private sale of 2,400 carats for a total of $700,000, averaging $290 a carat."The parcel sold did not contain any notable high value diamonds and therefore the price achieved is approximately 15% below what we would have expected to achieve for this parcel pre the Covid-19 pandemic," said executive chairman Mike Houston.Bigger miners, such as Alrosa, De Beers and Rio Tinto, have been pursuing price-over-volume strategies rather than lowering prices.BlueRock announced last month that it will brand its stones as Kareevlei Diamonds and sell them in Antwerp to attract more buyers.Mr Houston said: "It remains our plan to sell our future production through Bonas-Couzyn N.V, in Antwerp as per our arrangement announced on 13 May 2020. "We now anticipate that the first sale of Kareevlei diamonds in Antwerp will be in September with June to August production pre-financed monthly at 70% of value by Delgatto Diamond Finance Fund LP in accordance with our non-binding letter of intent."BlueRock has reported record output, up almost two-thirds on Q4 of 2019, since it re-opened after the lifting of COVID-19 restrictions.

Recent News

Copper market distortions driven by new US tariff policies

July 28, 2025 / www.canadianminingreport.com

Gold stocks up even as metal pulls back

July 28, 2025 / www.canadianminingreport.com

Gold stocks down as markets continue to new highs

July 21, 2025 / www.canadianminingreport.com

TSXV Top 20 Gold market cap shifts away from exploration

July 21, 2025 / www.canadianminingreport.com

Many new players enter TSXV gold Top 25 by market cap

July 14, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok