RAPAPORT… BlueRock Diamonds has sold a parcel of rough for $700,000 in a private sale, noting that the average realized price was approximately 15% below pre-pandemic levels.
The miner sold 2,400 carats from its Kareevlei mine in South Africa at an average price of $290 per carat, the miner said Monday. In the fourth quarter of 2019, the company’s rough garnered an average price of $410 per carat, although some of that rough was from a higher-value portion of the mine.
“This sale at a time when the traditional sales channels for diamonds remain closed, and at a price which we estimate to be at current market value for that particular parcel of diamonds, is an excellent result in a highly uncertain market,” said BlueRock executive chairman Mike Houston. “We hope [the average price] represents the bottom of the market.”
The company has also signed a deal with diamond brokerage Bonas-Couzyn to sell its rough in Antwerp. It expects to begin those sales in September.
Image: Rough diamonds from Kareevlei. (BlueRock Diamonds)
BlueRock Offloads Diamonds in Private Sale
The Bottom Line
- BlueRock Diamonds completed a private sale of 2,400 carats from its Kareevlei mine for $700,000, averaging $290 per carat.
- The average price realized is roughly 15% lower than the $410 per carat achieved in late 2019, reflecting current market conditions.
- BlueRock signed a deal with Bonas-Couzyn to sell rough diamonds in Antwerp, with sales expected to start in September.
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