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Namakwa's Kao Tender Nets $7M

Sep 19, 2012 6:38 AM   By Deena Taylor
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RAPAPORT... Namakwa Diamonds' recent sale of rough diamonds from its Kao diamond mine in Lesotho achieved $6.8 million with all 75 lots offered  sold. The company sold a total of 25,210 carats at an average price of $269 per carat.

The sale took place in Antwerp between August 31 and September 6, and the average diamond sold weighed 0.36 carats, while prices achieved exceeded expectations and reflected strong demand for Kao goods.

“We are very pleased with the excellent results of the Antwerp tender. Even in the face of uncertain market conditions, the Kao tenders continue to achieve 100 percent sell-through," said Namakwa's chief executive, Theo Botoulas. Namakwa has now sold 112,221 carats from the Kao mine's production in the past nine tenders since January 2012, generating $31.4 million in revenue. Botoulas noted that the company's South African production is performing as expected with revenue derived delivering a strong platform for growth and expansion in the North West Province.

The company also held a closed tender at CS Diamonds in Kimberley, which ran between September 10 and September 13, for production from its South African subsidiaries. The North West production, totaling 2,099 carats, was sold at an average price of $657 per carat, with an average stone size of 0.55 carats. The sale realized $1.4 million. 
Tags: Deena Taylor, Kao mine, Namakwa Diamonds
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