Rockwell Tender Fetches Average of $2,607 Per Carat

Rockwell Diamonds’ fifth diamond sale for 2008, concluded June 30, realized a total of $6,967,850, on 2,672.92 carats, for an average price of $2,607 per carat. The goods, which represented diamond production for most of May and the first week of June, were taken from the firm’s Wouterspan, Holpan, Klipdam and Saxendrift mining operations in South Africa.

Diamond production in this period, Rockwell notes, was carried out at an operating cost of approximately $4.29 per ton, an increase over the company’s target range of $3-3.50 per ton. Average operating costs for the quarter ending May 31 2008 were approximately $3.69 per ton.

Prices for diamonds weighing upwards of 10 carats with good color were particularly strong. A total of $34,650 per carat was achieved for a 69.59 carat stone, $23,594 per carat for a 20.98 carat stone, and $21,058 per carat for a 10.47 carat stone.

Rockwell had 16 diamonds of 10-20 carats, five diamonds of 21-30 carats, 1 diamond in the 50-60 carats range and 1 stone in the 60-70 carats range. 

President and CEO John Bristow noted, "The prices achieved for this sale reflected on-going strength in the larger (2+ carats) end of the gemstone market.

“We are very encouraged by the high average prices achieved for our first sale of diamonds recovered from the Saxendrift operation on the south bank of the Middle Orange River, although we are mindful that the parcel of stones from this locality was small (307.72 carats).”

Bristow added that the company is on-track with the construction of a new Rotary Pan plant at Saxendrift, and plans to commission the plant in the third quarter of fiscal 2009.