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RAPAPORT... Stellar Diamonds exported 941 carats of rough diamonds to Antwerp from the Baoulé diamond project in Guinea, marking a milestone for the company as it intends to hold a first sale shortly. The parcel included a few large stones, including a 9.20-carat, 5.50-carat and a 5.1-carat diamond. Stellar Diamonds reached its target processing capacity at the project, with current rates at 2,000 carats per month if they are maintained. The company anticipates holding a diamond sale every two months during 2015.
Karl Smithson, Stellar Diamonds' CEO, said, “We are particularly pleased with the regular occurrence of gem-quality stones of up to 9 carats in size from the limited processing to date. As this region of Guinea is renowned for its large diamonds of over 100 and 200 carats in size mined from alluvial mining, we are hopeful that we may recover yet larger, high-value diamonds as we continue to process a higher volume of kimberlite over the coming months. I look forward to updating shareholders as we progress our strategy of delivering value from our key assets at both Baoulé and Tongo.” A total of 1,206 carats have been recovered to date with 85 stones weighing greater than 1 carat. Gem- and near gem-quality diamonds represent approximately 70 percent of the diamond population recovered, with 30 percent being classified as industrial, according to the firm.
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