Vast Resources Tender Brings In $1.1M from 15-Year-Old Diamond Parcel

Vast Resources has sold 123,928.8-carats of diamonds from a 15-year-old parcel the Zimbabwe government seized in 2010 and released in April.

The company sold 98% of the 126,677.50-carat parcel at a recent tender, the miner said Tuesday. The 15-year-old package contained a mix of quality-gem, low-grade gem and industrial-grade stones.

The miner received an average of $7 per carat for 123,711.80 carats of low-grade gem and industrial stones. It further realized an average of $1,084 per carat for 216.97 carats of a mix of higher-grade gem-quality stones.  

In total, the tender garnered $1.1 million for Vast after commissions. It is still marketing approximately 2,965.68 carats of unsold higher-grade stones, which it expects to offer together with the untendered stones.

“This first auction process paves the way for future tenders for the higher-quality stones, and we look forward to providing further updates regarding those sales in due course,” said Vast CEO Andrew Prelea.

Image: Diamonds from the 15-year-old parcel. (Vast Resources)