“SUBDUED” MARKET HURTS FIRESTONE’S DIAMONDS SALES
Firestone Diamonds has published its sales for the first quarter of FY2020 ended September 30, 2019, reporting sales of 168,612 carats of diamonds for $10.6 million – an average of $63 per carat, according to IDEX Online.
In the previous quarter, the miner sold 177,521 carats for $12.7 million at an average per carat price of $71. The fall in revenue is attributed to “the sale of fewer high-value stones and a slightly higher proportion of smaller goods”. Firestone added that prices for smaller goods remained “subdued” in the quarter under review “because of a build-up of rough and polished inventory in the mid-stream”.
According to IDEX Online, the work at Firestone’s Liqhobong mine in Lesotho has been severely hurt due to power disruptions. Full production is scheduled to resume again early next month using rented diesel generators.