DiamondCorp Extols Virtues of Beneficiation After Polished Diamond Sales

(IDEX Online News) – Southern African diamond mining, development and exploration company Diamond Corp plc has announced an update on diamond sales and production from the Lace diamond mine in the country’s Free State.

The company announced that a 22.1-carat H-colored diamond sold to DiamondCorp’s beneficiation joint venture in January has been manufactured into two high quality diamonds. One is a 7.2-carat F-colored VVS2 emerald-cut diamond and a 0.9-carat E-colored VS1 pear-shaped diamond. The company added that the two polished stones were sold for a total of $261,361, with the larger stone selling for $182,529 or $8,256 per carat. DiamondCorp’s 50 percent share of the profit on the sale of the two polished diamonds was $71,979.

“This is an early indication of the significant additional value which can be created through beneficiating special and exceptional quality diamonds from Lace and gives management insight into how the stones perform when they are cut and polished,” said DiamondCorp CEO Paul Loudon. “To date, all the Lace diamonds which we have beneficiated have improved in colour, which is critical knowledge to have for optimising the marketing of our production.”

The company announced that it had updated its fleet of existing underground trucks and loaders, some of which are being refurbished before their entry into service.