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

Apr 21, 2016 2:20 AM   By Rapaport News
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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
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