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Diamcor Prices Succumb to India Liquidity Crisis
Jan 18, 2017 11:15 AM
By Rapaport News
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RAPAPORT... Diamcor reported weaker prices at its fiscal third-quarter tenders as India’s demonetization policy that
sapped liquidity from the market hit the miner’s sales.
The company fetched an average price of $125 per carat at rough-diamond tenders held during the three months that ended December 31, versus $127 per
carat reported from a year ago.
“The price per carat realized during the tenders and sales
continued to reflect weaknesses in certain categories of rough diamonds,” Diamcor said. Additional weakness was “experienced in the prices of smaller
goods in December due to widely reported currency issues in India during the
period,” it added.
Total sales in the quarter stood at $1.2 million from 9,435
carats, the miner reported. Diamcor's November tender garnered $558,759 at an average price of $137 per carat, while in December it sold $624,926 for $117
per carat.
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Tags:
Demonetization, diamcor, Liquidity, mining, Rapaport News, rough sales
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