RAPAPORT... Dominion Diamond Corporation’s rough-diamond sales jumped
50% to $239.8 million in the second fiscal quarter as demand for smaller goods
returned, the miner reported Thursday.
In the three months that ended July 31, sales volume more
than doubled to 3.6 million carats from 1.3 million carats a year ago, Dominion
said. The average price fell to $66 per carat from $119 per carat due to
improved demand for smaller diamonds and a higher proportion of stones sold
from the Ekati mine’s relatively low-value Misery Main pipe. The miner recorded
a profit of $31.1 million for the quarter, after a loss of $37.9 million a year ago.
Dominion noted a return of demand for smaller diamonds
following a slowdown in that category last year due to the Indian government’s
demonetization program in November.
In the first fiscal half, sales rose 33% to $450.8 million,
and the company made a profit of $23.2 million versus a loss of $43.2 million a
year ago.
Dominion owns all of the Ekati mine and 40% of the Diavik
mine, both in Canada. The Washington Companies in July agreed to acquire
the rough producer for $1.2 million, with the deal expected to close in the
fourth quarter.
|
|
|
|
|