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25 march 2019

Stornoway Diamonds stabilises production in Q4

21 january 2019

stornoway-logo.pngDiamond production of Stornoway Diamonds has stabilised in Q4 after boosting the underground operations at the Renard Diamond Mine in Canada. This might help the company to lift its production guidance 2019, says
According to the report, the production, sales and company’s income  showed a significant decrease compared to the same period in 2017, however, there was an increase in the average price per carat by 24% disregarding the slow down of the market in the second half of 2018.
The Renard’s production in the 2018 FY went down by 21% from 1.64 million carats to 1.3 million carats while the volume of sales decreased by 41% from 1.7 million carats to 1 million carats thus leading to the decline of total income by 24% from C$186 million ($140 million) to C$140.7 million ($106 million) though the average price per carat went up to $105 from $85 in 2017. The price wasn’t influenced by the law rates in Q4 when it dropped to $92 per carat. Such results reflect the uncertain situation on the market at the moment, says the agency. 
The Diamond Loupe quoted Stornoway Diamonds as saying that such problems were due to a weaker rupee, the lack of available credits for Indian diamantaires and seasonal fluctuations caused by long-lasting Indian and Jewish holidays in Q3 and Q4. 
It is noted that Stornoway’s production performance in Q4 went back to the level of 2017. The company produced 485,616 carats of diamonds against 453,646 carats for the same period in 2017. In 2018 Stornaway’s outlook amounted to 1.32 billion carats after processing 2.33 million tonnes of ore with the grade of 57 cpht. The volume of diamonds mined turned out to be lower than the minimum of the reviewed guidance. In 2019 the company intends to produce between 1.80 million carats to 2.10 million carats after processing 2.40 million to 2.55 million tonnes of ore. It is planned that the company will hold 8 tenders in Antwerp during the year to sell 1.80 million to 2.10 million carats for the average price per carat yielding $80-105. 

Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished, Brussels