Namakwa Antwerp Tender Fetches $6.8 Million
September 17, 12 by IDEX Online Staff Reporter
(IDEX Online News) - Namakwa Diamonds announced that its tendered sales of rough diamonds from the Kao mine in Lesotho fetched $6.8 million, exceeding expectations.
All 75 lots offered, totalling 25,210 carats, were sold at an average price of $269 per carat. Average diamond size was 0.36carats. The tender took place in Antwerp through Fusion Alternatives between August 31 and September 6.
Namakwa Diamonds has also closed a tender held at CS Diamonds in Kimberley, which ran between September 10 and 13, for production from its South African subsidiaries.
The North West production, totaling 2,099 carats, was sold at an average of $657 per carat, with an average stone size of 0.55 carats. The sale realized total revenues of approximately $1.4 million.
Total revenues realized by the company from the two tenders amounts to $8.2 million.
Namakwa Diamonds CEO Theo Botoulas observed, “We are very pleased with the excellent results of the Antwerp tender. Even in the face of uncertain market conditions, the Kao tenders continue to achieve 100 per cent sell-through. Since January 2012, we have now sold a total of 112,221 carats from Kao Mine production in the nine tenders held to date, generating $31.4 million in revenues. In addition, the South African production continues to perform to expectation and revenues derived from it are delivering a strong platform for growth and expansion in the North West Province.”
