Diamcor notes rise in rough diamond demand

12th February 2021 By: Donna Slater - Creamer Media Chief Photographer and Senior Contributing Editor

TSX-listed diamond miner Diamcor Mining reports that 2 028.33 ct of rough diamonds recovered from the processing of quarry material at its Krone-Endora at Venetia mine, in South Africa, were tendered and sold during the company’s second tender and sale of rough diamonds in Dubai during the first week of February.

This includes two rough diamonds in the specials (greater than 10.7 ct) category – one being a 10.7 ct gem-quality diamond typical of historical specials recovered, while the other was a 14.16 ct gem-quality diamond of exceptional quality.

The average dollar per carat achieved for the balance of the rough diamonds tendered and sold, excluding the noted exceptional 14.16 ct diamond, was $233.71/ct.

The sale generated gross revenue of $606 415, resulting in an average price of $298.97/ct recovered from the processing of quarry material since resuming operations as announced on January 25.

These results, the company states, demonstrate the potential for increased average dollar per carat values from the operational and processing refinements made by Diamcor.

Diamcor notes that the size and quantity of special rough diamonds in this sale and tender are not seen as uncommon for a quarry material processing project and are consistent with size frequency distribution expectations when processing such material.

Overall, the company reports that demand and pricing in a majority of the rough diamond assortments tendered and sold by it in February continued to trend upwards.     

Diamcor CEO Dean Taylor says the higher average dollar per carat achieved reflects improved recoveries throughout the entire size frequency distribution and provides further confirmation of both the potential and quality of the project’s deposits, and the effectiveness of the refinements made by Diamcor’s new operational team.