Advanced Search

Dominion’s 4Q Sales -26% to $178M

Feb 25, 2016 2:07 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
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.
Tags: Dominion, Dominion Diamond Corporation, ekati, mining, Production, Rapaport News, rough
Similar Articles