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Prices Improve at Stornoway Rough Tender

Stronger market and better-quality output boost sales.
Jan 30, 2018 4:20 AM   By Rapaport News
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RAPAPORT... Rough prices rose at Stornoway Diamond Corporation’s first sale of 2018 as the market improved and the company sold higher-quality production from its Renard mine.

Last week’s tender in Antwerp achieved an average price of $104 per carat, Stornoway’s highest price to date, the miner reported Monday. Some larger diamonds fetched $140 per carat, while 24 stones above 10.8 carats went for an average of $3,210 per carat.

The improvement from an average of $85 per carat for 2017 reflected a strengthening diamond sector at the beginning of the year, the company noted. In addition, there were fewer diamond breakages during the production process, which had affected prices at earlier tenders, while the mix of diamond sizes and qualities was also more favorable.

In total, the miner sold 138,687 carats for $14.4 million at the tender. A record 132 out of 190 attendees put in bids for goods, with each parcel receiving an average of 18.5 bids.

Stornoway missed its production and sales forecasts in 2017, the first full year of production at the Renard project in Canada. The miner recovered 1.64 million carats of rough during the year, compared with its projected 1.69 million, while challenging market conditions and lower-than-expected diamond quality and size dented prices. The company expects production to drop to 1.6 million carats this year.
Tags: Antwerp, Canada, diamonds, Rapaport News, Renard mine, stornoway, Stornoway Diamond Corporation
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