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Stellar raises $417 122 in maiden diamond auction

24th March 2015

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – London-listed Stellar Diamonds has raised $417 122 through the sale of the first batch of diamonds from its Baoulé mine in Guinea, offloading 4 414 ct during an auction in Antwerp, Belgium.

The West Africa-focused diamond development company said the sale included “excellent quality” white stones, with a value of $5 000/ct achieved for one particular 5 ct stone.

Stellar withheld 1 617 ct from the sale as the bid prices were not considered acceptable. These goods would be added to future exports and be offered for sale at a later date.

“The company is pleased with the revenues generated from the sale in what remains a challenging market for rough diamonds. Future sales will be targeted for optimum selling windows, with the next sale from Stellar’s operations planned for May,” it said in a statement.

Stellar was meanwhile progressing the 1.45-million-carat Tongo Dyke-1 resource, in Sierra Leone, through a definitive feasibility study and continued to “pursue diplomatic channels” to ensure the proper reinstatement of its Kono licences, also in Sierra Leone.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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