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Firestone Diamonds Concludes Rough Tender

Rough Diamond Prices Jump

Apr 21, 2011 8:47 AM   By Jeff Miller
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RAPAPORT... Firestone Diamonds sold 7,111 carats of rough for gross proceeds of approximately $1.4 million, during a diamond tender in Gaborone, Botswana. The company noted strong demand for  small diamonds, cape yellows and browns and prices in these categories were up by 50 percent from the company's tender in December 2010.

The junior mining company sold 4,850 carats of rough diamonds from its Liqhobong main pipe and satellite pipe at an average price of $181 per carat, representing an increase of 85 percent from a similar sale in December. There were 2,241 carats sold from the BK11 project  at an average price of $230 per carat, an increase of 30 percent from a December tender.

Tim Wilkes, chief executive of  Firestone Diamonds, commented, "We are very pleased with the results of our latest diamond sale, which show significant increases in prices achieved from both Liqhobong and BK11.  The higher prices reflect the quality of production from the mines as well as the continued strength of the rough diamond market.  We expect to see significant further increases in prices achieved for production from Liqhobong and BK11 as production at both mines increases in 2011."


Tags: commodities, diamond, Jeff Miller, rough, Tenders
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