Diamcor Sales Soar, but Prices Plunge
December 08, 22
(IDEX Online) - Diamcor today announced a huge increase in carats sold this quarter, as it saw average per-carat prices fall by more than half.
The Canadian junior miner said it sold 8,327 carats of rough from its Venetia mine in South Africa, during the the current quarter, ending December 31. That's an increase of 121 per cent on the 3,776 carats sold in the previous three months.
But gross revenues for the current quarter were $2,054,248, compared with $2,099,951 in the previous quarter. The price per carat plunged by almost 56 per cent from $556 to $246.
Diamcor said: "The gross revenues generated in the current quarter were the result of the noted increase in total carats sold, as compared to the previous quarter where the company sold fewer carats and the gross revenue was positively affected by the sale of a 59.35 carat gem quality special rough diamond."
Dean Taylor, Diamcor CEO, said: "This increase in total carats tendered and sold during this quarter demonstrates the Company's ability to generate significant revenues without the added benefit of any significant larger high-value rough diamonds, and the positive impact that achieving both of these scenarios could have for our company moving forward."
File pic of Diamcor rough