South Africa : DiamondCorp sold Lace run-of-mine diamonds for 436,597 $

DiamondCorp Plc on Tuesday said it has sold to South African diamantaires, for a total proceeds of 436,597 US $, two run of mine parcels of Lace mine diamonds which would have formed part of a larger diamond tender in Antwerp scheduled to commence at the end June.

“The two parcels comprised 1,838 carats of run-of-mine kimberlite diamonds and 1,679 carats of tailings diamonds, and were sold for an average of $189/ct and $53/ct respectively”, the South African AIM and JSE listed company explained.

This occurred, according to DiamondCorp, as the Company’s reserve prices were exceeded during the South African export process.

“If the reserve prices placed by DiamondCorp on the parcels are exceeded during this four-day period, then the Company is obliged to sell the diamonds to the highest bids rather than exported”. DiamondCorp’CEO Paul Loudon said.

DiamondCorp Plc, that owns 74% the Lace diamond mine, is on track to produce more than 75,000 carats of diamonds from kimberlite in 2016 and it is currently expected that two further tenders will take place before regular monthly sales commence at the end of September this year.

Located some 200 kilometres south-west of Johannesburg, near the town of Kroonstad in Free State Province, Lace diamond project is the primary asset of DiamondCorp and contains an estimated 14 million carats of diamonds in tailings and kimberlites.