Diamcor Rough Sales Increase 70% in Q2
October 07, 15
(IDEX Online News) – Diamcor Mining Inc. sold 4,845.93 carats during its single tender in the second fiscal quarter ended September 30. This was a 70-percent increase compared to the 2,856.24 carats sold during the previous quarter.
Gross revenues for the quarter were $676,835.08, a 49-percent increase compared to revenues of $455,227.66 in the previous quarter.
The company said there was a significant increase in rough diamonds recovered and not tendered during the quarter. It held ~4,030.83 carats of rough diamonds in inventory compared to ~2050 carats in the previous quarter, a ~96-percent increase in rough diamond inventory.
The increase was primarily due to initial increases in processing levels and subsequent recoveries during the second fiscal quarter, although a small portion was made up of diamonds that the company held back from sale due to weakness in rough diamond pricing (down to $139.67 per carat from $159.38 per carat).
The goods that were held back, including a 10.93-carat special, as well as a grouping of eight individual 2-3 carat rough diamonds, will be offered for sale during the coming quarter. The company will also be tendering 13 additional individual stones ranging in size from 5-10.8 carats, as well as 4 individual "specials" (+10.8 carat rough diamonds) ranging in size between ~11.72 carats and ~18.05 carats.