Firestone Diamonds has sold a total of 195,330 carats at its latest sales in Antwerp in July and September. One stone was sold for more than $1 million. According to IDEX Online, the average price per carat was $69 with total sale proceeds of $13.5 million. Since production started in Liqhobong, Lesotho, in Q4 of 2016, the company sold all 505,706 carats recovered for $41.3 million, at an average value of $82 per carat.
According to the miner, the lower average price per carat in these sales “represents the continued lower than expected occurrence of larger, better quality diamonds and a subdued market at its Liqhobong mine in Lesotho”.
Firestone said: “The board believes that the lower frequency of higher value diamonds to date is potentially a function of the mining that has taken place since commissioning in the lower grade areas within the open pit, and which is now nearing completion”. It also enumerated other factors, such as the overall market environment, the Indian de-monetization program, and “the fact that the summer months are traditionally the quietest time in the rough selling season”.
