Firestone Diamonds sells 5.1 million diamonds in two months

AIM-listed diamond mining and exploration company Firestone Diamonds has sold 56.1 million dollars of diamonds during two tenders held in October and November 2012.

AIM-listed diamond mining and exploration company Firestone Diamonds has sold 56.1 million dollars of diamonds during two tenders held in October and November 2012.

In a trading update published on Monday morning, the company stated that it had sold 63,991 carats in total, with 47,685 carats sold October in for $3.5m at an average of $75 per carat and 6,333 carats sold for $1.6m in November at an average of $96 per carat.

Firestone Diamonds stated that the 28% higher price per carat earned in the November tender was due to higher quality diamonds being mined from the K2 unit of the Main Pipe.

Some 84 diamond buyers were present at the November tender, which was held at the Antwerp World Diamond Council.

The October tender was a dual tender with diamonds first being presented at the company's tender facility in Gaborne, Botswana, and thereafter at Antwerp.

Tim Wilkes, Chief Executive Officer of Firestone Diamonds, commented: "The results of the tenders held in Gaborone and Antwerp are encouraging and in line with our expectations.

"The 28% increase in diamond prices achieved between [the] October and November 2012 tenders is primarily due to the higher quality, better shaped, unbroken white stones that were on sale in the November 2012 tender."

"These type 2A and high colour white stones were recovered from the upper benches of the K2 ore that was mined during the period leading up to the tender. Although this rock unit is lower grade (24 carats per hundred tonnes "cpht") than the higher grade K5 section of the mine (45 cpht), it consistently produces higher quality diamonds."

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