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Rockwell Diamonds' 4Q Revenue +19%

May 8, 2013 2:36 PM   By Jeff Miller
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RAPAPORT... Rockwell Diamonds Inc. reported a 19 percent year-on-year increase in sales to $7.2 million for the fourth fiscal quarter that ended on February 28. The company sold 5,308 carats during the period  at an average price of $1,355 per carat, up from $1,041 per carat one year earlier.

Carats sold from the Saxendrift operation, inclusive of tailings processed, increased 55 percent to 2,862 at an average price of $1,634  per carat, which was down from $2,035 per carat one year earlier.

Diamond sales from Tirisano totaled 291 carats at an average value of $676 per carat. Although the number of carats sold from Klipdam declined for the quarter to 1,574 carats, the value of sales increased by 14 percent  to $1,217  per carat. Rockwell sold Klipdam after the close of the quarter.

Special rough diamonds that were sold during the quarter included a 36.81-carat, makeable D; a 28.83-carat sawable, round fancy yellow and a 17.85-carat flat makeable D and clean.

Rockwell stated that all diamonds recovered during the period that were greater than 30 carats, were of commercial quality and had been channeled into the company's beneficiation joint-venture with Steinmetz Diamond Group. Earlier this week, Rockwell Diamonds reported that its production fell 5 percent year on year to 4,043 carats for the fourth quarter.

James Campbell, the president of Rockwell, said, "We are making tangible progress towards developing other properties in the region in order to deliver on our medium-term strategic objective of producing 10,000 carats per month. Having eliminated our loss-making operations, namely Tirisano and Klipdam, we are better placed to start delivering positive returns."

Campbell added that rough diamond prices should ''show single-digit price increases for smaller diamonds'' this year. ''Of particular relevance to Rockwell is the continued interest by higher-net-worth individuals in high-valued diamonds, both for their investment and fashion appeal. With the majority of our diamond production profile falling into the high-valued gem category, where demand outstrips supply, we are particularly well positioned to benefit."

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Tags: diamonds, high value, Jeff Miller, per carat, Rockwell
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