News

Advanced Search

Diamcor Hurt by Weak Rough Prices

Mar 2, 2017 5:52 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Diamcor Mining’s sales declined 8 percent in the fiscal third quarter, the company said Wednesday, citing sluggish rough-diamond prices.

Revenue fell to $1.2 million (CAD 1.6 million) from the sale of 9,435 carats in the three months that ended December 31, the Canada-based diamond miner reported. The average selling price dropped to $125 per carat from $127 per carat a year earlier.

Prices achieved by the company during the period are “believed to be attributable to an overall weakness in the price of rough diamonds which continued throughout 2016, as compared to the prior years,” the company explained.

The company’s loss widened to $814,695 (CAD 1.1 million) from $296,807 (CAD 396,519) a year before.

During the nine months that ended December 31, sales jumped 72 percent to $4.1 million (CAD 5.5 million).

Diamcor sources its rough from the Krone-Endora at Venetia mine in South Africa.
Tags: Canada, diamcor, Diamcor Mining, Krone-Endora at Venetia, mining, Rapaport News, rough prices, South Africa
Similar Articles
Trans HexTrans Hex Sells Idle Mines
Apr 23, 2018
South Africa-based diamond producer Trans Hex is selling two of its Lower Orange River mines that
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.