BlueRock Diamonds sells four gem quality stones for $460,000

4th Mar 2022 07:52

(Sharecast News) - AIM-listed BlueRock Diamonds said on Friday that it sold four gem quality stones in February for $460,000 and that the current geopolitical situation could lead to more shortages of rough diamonds.

The company, which owns and operates the Kareevlei diamond mine in the Kimberley region of South Africa, said the average tender price of the total parcel of $638 per carat was significantly above the 2021 average of $465 and follows a strong tender in January, which had an average price of $565.

Executive chairman Mike Houston said: "As with the January tender, we are seeing a very high demand for Kareevlei's diamonds, and I believe this is the first time we have seen four diamonds selling for an average of over a $100,000 per stone in a single parcel.

"The exceptional average price per carat for the total parcel of %638 marked a 37% jump compared to 2021 and is reflective of the strong retail market conditions and a tightening rough diamond supply of high-quality diamonds such as Kareevlei's. The current geopolitical environment could create further shortages of rough diamonds."

At 1335 GMT, the shares were up 19% at 48.30p.