News

Advanced Search

DiamondCorp Says $72K Profit From Sale of Two Diamonds Shows Beneficiation Works

Apr 21, 2016 2:20 AM   By Rapaport News
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... DiamondCorp said the proceeds from a sale of two polished diamonds, which originated from a 22.1-carat rough  stone, show beneficiation creates “significant additional value” for miners.

The company sold the H-color rough – extracted from its Lace mine in South Africa – to its beneficiation joint venture in January. It was manufactured into two “high-quality” diamonds: an emerald-cut, 7.2-carat, F-color, VVS2 gem and a pear-shaped, 0.9-carat, E-color, VS1 gem.

The smaller stones were sold for a combined $261,361. DiamondCorp's pre-agreed 50-percent share of the profit from the polished – or $71,979 – lifted its total revenue to $182,529, or $8,256 per carat.

The sale of the two diamonds gave the company’s management an “insight into how the stones perform when they are cut and polished,” Paul Loudon, DiamondCorp’s chief executive officer, said. “To date, all the Lace diamonds which we have beneficiated have improved in color.”
Tags: beneficiation, DiamondCorp, Lace Diamond Mine, Rapaport News
Similar Articles
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.