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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.
Tags: Canada, diamcor, Rapaport News, South Africa, Tiffany & CO.
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