Diamcor Mining Sells 92-Ct Diamond For $818,000

(IDEX Online News) – Diamcor Mining Inc. has sold the first large gem-quality diamond in the +50 carat category recovered from its Krone-Endora at Venetia project in South Africa – a 91.72 carat octahedron diamond – for $817,920.00, or $8,917.58 per carat.

The diamond was sold as part of a total sale of 2,654 carats of rough diamonds generating total proceeds of $1,145,604, or $431.55 per carat from the Krone-Endora at Venetia project. The majority of rough diamonds sold were recovered in conjunction with ongoing testing and commissioning exercises on the lower-grade upper zone material in the +1.2mm to -12.0mm size fractions. 

Despite the fact the lower-grade upper zone material is expected to produce lower value and smaller size stones, the value per carat achieved from the sale of these diamonds exceeded the company’s expectations. The remaining diamonds, including the 91.72-carat stone, came from the limited processing of material in the +12.0mm to -26.0mm size fractions.

To date, Diamcor has tendered and sold a total of 14,110 carats generating $2,928,047, or $207.51 per carat on average, from the ongoing commissioning and testing exercises being performed at the project. 

Diamcor acquired the Krone-Endora at Venetia project from De Beers Consolidated Mines in February 2011, consisting of the prospecting rights over approximately 5,888 hectares next to De Beers' Venetia diamond mine in South Africa.

The miner in 2011 signed a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of the New York-based jeweler, for the purchase up to 100 percent of the future production of rough diamonds from the Krone-Endora at Venetia project at then current prices to be determined by the parties on an ongoing basis. 

Tiffany & Co. Canada provided the company with substantial financing to advance the project as quickly as possible.