Diamcor Tender Sees Drop in Average Price per Carat

(IDEX Online) - Diamcor Mining Inc. sold 6,055.28 carats of rough diamonds in its second third-quarter sale and tender. The tender generated total gross proceeds of $693,401, resulting in an average price of $114.51 per carat.  

The company said that the continuing lower than historical average dollar per carat in its tenders results from a higher percentage of smaller, lower quality rough diamonds being recovered because of the operational refinement exercises taking place. 

However, Diamcor said it is confident the average price per carat will increase to historical levels as the processing of mined material resumes through the refined processing facilities in the coming weeks.

So far in the third quarter, Diamcor has tendered 10,088.29 carats, which have generated total gross proceeds to date in the quarter of $1,117,474 at an average price of $110.77 per carat.  

An additional 3,306.40 carats have been delivered for tender and sale at a third and final tender.