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Gabon courts foreign investors to grow fledgling diamond sector

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TaTe Diamonds - a Namibian diamond company specialized in Namibian rough

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Diamcor sells diamonds for $114.51/ct

02 december 2019

news_10082018_diamcor.jpgDiamcor Mining sold 6,055.28 carats from its South African mine, which generated total gross proceeds of just above $693 000, resulting in an average price of $114.51 per carat.  
This brings the total rough diamonds sold to date during the company’s third fiscal quarter ended December 31, 2019 to 10,088.29 carats.
These tenders generated total gross proceeds of more than $1,1 million at an average price of $110.77 per carat.
An additional 3,306.40 carats will be sold at a third and final tender for the period in the coming weeks.  
However, Diamcor said the lower than historical average dollar per carat in these third fiscal quarter tenders continues to be the result of a higher percentage of smaller, lower quality rough diamonds being recovered due to the operational refinement exercises being performed.
“Price weaknesses in certain categories of the rough diamond market also contributed, to a lesser extent, to the lower dollar per carat average,” it said.
“The company remains confident that the average price per carat will increase to historical levels as the processing of mined material from the project’s quarry resumes through the refined processing facilities in the coming weeks.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished