Firestone Diamonds' Sales and Revenues Fall in Q1
October 24, 19
(IDEX Online) - Firestone Diamonds plc sold 168,612 carats of diamonds during its first quarter ended September 30, 2019, realizing $10.6 million and an average per carat price of $63. This compares to the sale of 177,521 carats in the fourth quarter of 2019, which generated $12.7 million and an average per carat price of $71. The fall in revenue came despite the sale of a 37-carat fancy pink diamond and a 55-carat fancy yellow stone, due to the sale of fewer high-value stones and a slightly higher proportion of smaller goods. Firestone said prices for smaller goods remained subdued because of a build-up of rough and polished inventory in the mid-stream. The Liqhobong mine in Lesotho has been experiencing power disruptions, which have led to the temporary suspension of operations at the mine's treatment plant. Production is due to start again early next month using rented diesel generators.