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DiamondCorp Says Worst is Behind Rough Market

May 5, 2016 10:23 AM   By Rapaport News
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RAPAPORT... The rough diamond market has seen the worst of its troubles, according to DiamondCorp chairman Euan Worthington.

“Early indications in 2016 are that there has been some stabilization in prices for polished stones as inventories are being drawn,” said Worthington. “This is feeding through to better prices for rough diamonds and signs that the cycle has bottomed.”

The RapNet Diamond Index (RAPI™) for 1-carat, GIA-graded polished diamonds rose 1.4 percent sequentially in the first quarter, but fell 4.6 percent below its level last year.

DiamondCorp, the diamond development company behind the Lace mine in South Africa, restarted commercial sales of stones from the site earlier this year for the first time since 1931. The company sold 8,648 carats of diamonds for an average price of $175 per carat.

Paul Loudon, the company’s chief executive officer, said 2016 will be a “watershed year for the company as we finally make the long and difficult transition to diamond producer.”

The company reported it reduced its loss last year to $3.5 million (GBP 2.4 million) from $4.7 million in 2014.
Tags: DiamondCorp, mining, Rapaport News, Rough markets, rough trading
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