BlueRock sells 3 805 ct of diamonds

2nd September 2020 By: Simone Liedtke - Writer

Aim-listed diamond miner BlueRock Diamonds has sold 3 805 ct of diamonds at an average price of $330/ct for an aggregate consideration of $1.2-million.

BlueRock’s flagship project is the Kareevlei diamond mine, in South Africa.

CEO Mike Houston says the miner’s diamonds “remain attractive to buyers in what continues to be an uncertain market”.

BlueRock also continues to finalise the necessary export requirements which the company says have “proven to be a lengthy process in the current Covid-19 environment”.  As soon as this is completed, the producer will start exporting, giving it the flexibility of bridge financing its inventory, if required.

Until then, BlueRock has the option of selling its diamonds locally at a price that allows it to operate profitably.

Prior to the pandemic, the producer's policy had been to announce the value of individual diamonds with a value of above $50 000 on sale. However, the two recent sales have been sold as a total package and the value of individual diamonds has not been separately identified; this is a position that might continue, BlueRock says.

Accordingly, the producer is modifying its announcement policy such that, for the foreseeable future, it will announce all individual diamonds valued at above $50 000 when formally valued.