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Diamcor 2Q Carat Sales +70%, Revenue +49%
Oct 7, 2015 4:17 AM
By Rapaport News
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RAPAPORT... Diamcor Mining reported a 70 percent increase in rough diamond carat sales for the second quarter of 2015 alongside a 49 percent hike in revenue.
The Canadian
group, which operates a strategic alliance with Tiffany & Co. Canada, said
in a statement posted on its website that it had participated in one rough
diamond tender during the three months to September 30, selling 4,845.93 carats,
compared with 2,856.24 during the three months to June 30.
Revenue for
the quarter hit $676,835, compared with $455,228 in the previous three months of 2015.
The
company also said there had been a large increase in rough diamonds recovered
and not tendered compared to the previous quarter, and that it now held around 4,030.83
carats of rough diamonds in inventory, compared to roughly 2,050 carats on
June 30, 2015, representing a 96 percent increase.
The rough inventory rise was a result of initial
increases in processing levels and subsequent recoveries during the second
fiscal quarter, as well as, to a lesser extent, the company’s decision to leave
certain higher-value rough diamonds out of the second-quarter sale due to recent
low prices. It said these diamonds would be offered again in tenders expected
to take place in the coming quarter.
The
company is currently carrying out ongoing testing exercises at its Krone-Endora
at Venetia Project in South Africa, which it acquired from De Beers in 2011.
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Tags:
Canada, diamcor, Rapaport News, South Africa, Tiffany & CO.
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