Large Premiums on Exceptional Rockwell Color Diamonds

Despite the tough economic times, miner Rockwell Diamonds and the Steinmetz Diamond Group succeeded in selling several large color diamonds o buyers in Southeast Asia, realizing large premiums on the value of the rough.

The miner reported that a 102 carat, vivid yellow cut from a 212 carat diamond achieved a 50 percent premium on the rough diamond’s value. Two matching 10 carat, vivid yellow diamonds cut from a 36 carat stone achieved an 80 percent premium on the rough diamond.

Rockwell did not disclose how much the three diamonds sold for, reporting only that they added approximately $2 million to its revenues.

Steinmetz polished the diamonds, which were recovered in South Africa.

“We are encouraged by the outstanding margins that have been achieved through the cutting and polishing of Rockwell stones,” President and CEO John Bristow said.

“We have seen margins of 10 percent, 17 percent, 50 percent and 80 percent on four stones and are seeing the benefit of our unique long term beneficiation agreement with our partners at SDG. We have a pipeline of product going through the SDG facility and expect to see further strong returns,” he added.

According to Bristow, this additional revenue provides Rockwell with flexibility in the current financial markets.