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Rockwell's Tender Sales Reach $16M

Jun 29, 2010 5:50 PM   By Jeff Miller
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RAPAPORT... Rockwell Diamonds has sold $16.1 million worth of rough diamonds in the first five months of the year, the junior mining company reported. The sales were transacted at three tenders, where a total of 13,222.69 carats were sold for an average of $1,216 per carat, falling 19 percent below the company's long-term average of $1,500 a carat.

Rockwell Diamond's most recent diamond sale in May achieved an average of $1,735 per carat from 3,034.30 carats.

In addition, Rockwell has received approximately $1.27 million for its portion of profit sharing from the polished stones that have been sold under Rockwell's agreement with Steinmetz.

The company has a large number of 10-carat-plus stones currently undergoing beneficiation in South Africa and that are tied to sales with Steinmetz, including three large rough diamonds recovered in April and May from its Holpan and Saxendrift operations. These included a 66-carat, E-F, elongated and slightly flattened stone with minor inclusions recovered from the Holpan operation and a 124-carat, F-G stone, resorbed in shape and appearance, with a line of inclusion set along an internal flaw, from Saxendrift. A 145-carat, light yellow (Cape), with rounded octahedral shape and inclusions was also recovered at Saxendrift.

"The company is encouraged by the strength and resilience of the rough diamond market through the first six months of 2010 and the improvement in prices in almost all categories of Rockwell's production" said Rockwell's president, John Bristow.

"The firming of polished prices is equally positive for the market," he continued. "Although we anticipate a normal seasonal slowdown in sales during the forthcoming European and North American summer vacations, we expect the market to show some further strengthening in the later part of the year in the lead-up to the Thanksgiving and Christmas holidays in 2010."


Tags: Jeff Miller, Production, Rockwell, Rockwell Diamonds, South Africa, Tenders
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