Diamcor Steps Up Rough Output Amid Strong Prices

RAPAPORT… Diamcor Mining is working to improve its rough production and processing so it can cash in on the strong market and rise in diamond prices.

“Rough-diamond prices appear to have increased as a result of strong demand and low inventories, and we are continuing to work diligently on the completion of our phase-two upgrades in the coming months, with an eye on further increasing our processing volumes in this positive diamond market,” Diamcor CEO Dean Taylor said last week.

At its first tender of 2022, the company sold 3,063 carats of rough from Krone-Endora at Venetia, its deposit in South Africa, at an average price of $330 per carat, for a total of $1 million. That compares to $606,415 from the sale of 2,028 carats at an average price of $299 per carat in January 2021.

Although the tender included three special-size rough diamonds over 10.8 carats, other factors contributed to driving the average price to one of the highest the company has seen, it noted.

“While larger individual special rough diamonds have the potential to significantly increase the average dollar per carat achieved in any tender…this was not the case in this specific tender, and the strong pricing achieved was the result of increases experienced throughout all categories and assortments offered,” the miner noted.

Diamcor plans to hold an additional sale during the fourth fiscal quarter ending March 31, it added.

Image: Rough diamonds. (Diamcor Mining)