News

Advanced Search

BlueRock Offloads Diamonds in Private Sale

Jun 9, 2020 11:00 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... BlueRock Diamonds has sold a parcel of rough for $700,000 in a private sale, noting that the average realized price was approximately 15% below pre-pandemic levels.

The miner sold 2,400 carats from its Kareevlei mine in South Africa at an average price of $290 per carat, the miner said Monday. In the fourth quarter of 2019, the company’s rough garnered an average price of $410 per carat, although some of that rough was from a higher-value portion of the mine. 

“This sale at a time when the traditional sales channels for diamonds remain closed, and at a price which we estimate to be at current market value for that particular parcel of diamonds, is an excellent result in a highly uncertain market,” said BlueRock executive chairman Mike Houston. “We hope [the average price] represents the bottom of the market.”

The company has also signed a deal with diamond brokerage Bonas-Couzyn to sell its rough in Antwerp. It expects to begin those sales in September.

Image: Rough diamonds from Kareevlei. (BlueRock Diamonds)
Tags: BlueRock, BlueRock Diamonds, Bonas-Couzyn, COVID-19, Kareevlei mine, Mike Houston, Rapaport News
Similar Articles
Jonathan Kendall, De BeersDe Beers Exec Jonathan Kendall to Retire
Nov 15, 2020
Jonathan Kendall, a key executive in De Beers’ downstream activities, will retire at the end of the year following
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
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.