Advanced Search

Firestone Optimistic About 2018 Prices

Jan 17, 2018 5:04 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Firestone Diamonds saw an increase in the average price achieved at its Liqhobong mine in Lesotho in the second fiscal quarter as production shifted to a higher-grade area of the operation.

The company achieved $80 per carat during the three months that ended December 31, compared to $69 in the previous quarter, the miner reported Wednesday. Firestone sold 156,942 carats for $12.5 million during the period.

“There is a cautious optimism on diamond pricing in 2018 after positive initial year-end retail numbers out of the US and China,” said Stuart Brown, CEO of Firestone. “Despite the recovery of fewer carats in the period, grades are expected to improve in the second half as mining moves to higher-grade areas of the pit.”

Firestone started production at Liqhobong in October 2016, with the first sale of rough taking place in February. Production during its latest quarter slid to 180,709 carats, its lowest level in the past three quarters, according to Rapaport records.

In October, the company revised its mine plan after the asset yielded disappointing results. However, it set a more positive tone for the second quarter, having witnessed competitive bidding and price recovery on lower-value goods in December.
Tags: Firestone, Firestone Diamonds, Lesotho, Lighobong, miner, Rapaport News, stuart brown
Similar Articles
Alrosa Gokhran newGokhran May Purchase Alrosa Rough
May 13, 2020
Alrosa is in talks to sell a considerable volume of diamonds to Gokhran, Russia’s repository for precious metals and gems.The
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
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.