Firestone Tenders Realize $5.1 Million

(IDEX Online News) – AIM-listed diamond mining and exploration company Firestone Diamonds raised $5.1 million for the sale of 55,950 carats of diamonds at its February and April tenders.

The February tender saw 35,718 carats sold for just over $3 million, or an average of $84.49 per carat (p/c). In April, per carat prices increased 20 percent to $101.67 p/c to reach $2.06 million with the sale of 20,232 carats of rough.

The April tender saw record attendance levels with 109 diamond buyers viewing the parcels, which were all sold.

"The board and I are extremely comforted by the results particularly of our latest tender,” said Firestone CEO Tim Wilkes. “Not only are the diamond prices up considerably since February but they have increased across the board, demonstrating a higher-level of confidence in the sector. This is further endorsed by the increasing number of diamond buyers present at April's tender."

The tenders were held at the independently operated Antwerp World Diamond Council's (AWDC) facility and operated by First Element Diamond.