Large Stones Drive Up Diamcor Average Price

RAPAPORT... Diamcor Mining's average selling price rose 90% between its two July tenders as the miner recovered larger, gem-quality rough, it said Monday.The company garnered $271,509 from the early July sale of 1,560 carats it produced at its Krone-Endora at Venetia mine in South Africa, achieving an average price of $174 per carat. At the end of July, the miner held a second tender that yielded $472,576 from the sale of 1,429 carats, at an average price of $331 per carat. The higher average price was due to refinements the company made to its ore-processing operations, allowing for the recovery of larger, more valuable stones. Strong demand also played a role, Diamcor said."Overall demand and pricing in a majority of the rough-diamond assortments tendered and sold by the company continue to meet or exceed expectations," the miner said.Diamcor plans to hold further rough sales in August and September to capitalize on the strong pricing. It will also continue to implement upgrades at the deposit, which it believes will double current output volumes.Image: Rough diamonds in a shovel. (Diamcor Mining)