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Indian Liquidity Stress Impacts First Renard Sale

Nov 24, 2016 3:57 AM   By Rapaport News
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RAPAPORT... The first sale of rough diamonds from the Renard mine in Canada garnered $7.6 million, even as smaller stones were withdrawn because of a lack of liquidity in India, owner Stornoway Diamond Corporation reported.

The company sold 38,913 carats for an average price of $195 per carat at the sale which ended November 23 in Antwerp.

“We saw strong interest in our product assortment, with 153 diamantaires attending the tender,” said Matt Manson, Stornoway’s president and chief executive officer (pictured). “Pricing met or was close to our expectations on most items.”

However, many of smaller and lower-quality items were withdrawn from the sale, with a view to offering them at a later stage, Manson said. The Indian government’s decision this month to invalidate INR 1,000 and INR 500 notes had a detrimental effect on demand and prices of such goods, he added. 

Consequently, “the result of this first sale cannot be taken as representative of the longer term pricing profile of the project,” Manson noted.

Production at Renard was launched last month with output expected to ramp up to 1.6 million carats per year over the mine's 14-year lifespan. 

Stornoway has scheduled three tenders in the first quarter of 2017.
Tags: Canada, Matt Manson, mines, mining, quebec, Rapaport News, renard, Renard mine, stornoway, Stornoway Diamond Corporation
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