Stornoway Diamond Has Most Successful Diamond Sale To Date

Mining and Exploration
29/01/2018 15:10

At its first sale of 2018 that closed on Friday, January 26 in Antwerp, Canadian miner Stornoway Diamond Corp. sold 138,687 carats for gross proceeds of US$14.4 million at an average price of US$104 per carat. This is the highest price achieved to date. The company says the result reflects a strengthening diamond market at the beginning of the year and appreciable improvements in breakage levels, size distribution and quality mix. This is welcome news following the publication of its 2017 Production and Sales Results a few weeks ago, when they announced an average price of US$85 per carat for the first year of production, well under their FY2017 guidance of pricing targets between US$100 to US$132 per carat.

The parcel represented run of mine diamonds recovered during a four week period from mid-October to mid-November 2017. Within the mix sold, 97,317 carats of +7 sieve size diamonds were sold at an average price of US$140/ct compared to FY2018 guidance of US$125 to US$165 per carat. 41,370 carats of -7 sieve size diamonds were sold at an average price of US$21 per carat compared to FY2018 guidance of US$15 to US$19 per carat. Stornoway also sold 24 special stones (larger than 10.8 carats), which achieved an average price of US$3,210 per carat. The tender sale, held at the Antwerp offices of Stornoway’s sales agent Bonas-Couzyn, saw 190 attendees, 132 bidding attendees and 18.5 bids per parcel, all records.