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Dominion’s 4Q Sales -26% to $178M
Feb 25, 2016 2:07 AM
By Rapaport News
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RAPAPORT... Dominion
Diamond Corporation reported sales slid 26 percent year on year to $178.1
million in the fourth quarter that ended January 31.
Prices at the miner’s January diamond
sale were cut 5 percent in line with the market. However, a shortage of
rough in cutting centers has resulted in rises in some areas of rough pricing
at its tender in India in early February, according to a statement February 23.
The company held three rough sales during the quarter and plans two more in the
three months to April 30.
U.S.
diamond retail sales in the fourth quarter were “positive,” the company
said. Chinese consumers continued to buy diamond jewelry, but previous
overstocking by jewelers meant much lower replenishment of inventory during the
period, Dominion said. Dominion’s inventory
from its Ekati and Diavik mines in
Canada soared from 0.2 million carats on January 31, 2015, to 2 million
carats a year later.
The
miner’s production from Ekati, which it owns outright, surged 42
percent to 1.2 million carats during the quarter. Its share of output
from Diavik, of which the company owns 40 percent, increased 3.1 percent
to 598,000 carats in the three months ending December 31, according to a
separate statement January 18. Dominion plans a 47-percent increase
in Ekati production to 5.5 million carats in the twelve months that will
end January 2017.
During
the full year to January 31, Dominion’s diamond sales fell 21 percent to $720.6
million. Production from Ekati rose 18 percent to 3.7 million and
the share of production from Diavik decreased 11 percent to 2.6 million carats.
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Tags:
Dominion, Dominion Diamond Corporation, ekati, mining, Production, Rapaport News, rough
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