Key points
- Diamonds produced from DFI’s joint venture with Trans Hex Group sold 12 per cent above the quarter ended March 31, 2002.
- Prices were almost 40 per cent above the lows recorded in mid-October, 2001.
- Global events had pushed marine diamond prices to eight-year lows by mid-October, 2001.
- The company will now revert to announcing diamond sales results on a quarterly basis.
Diamond prices have continued to rebound strongly and are now approaching prices achieved in 2000. Prices from the recently completed sale of diamonds produced from DFI’s joint venture with Trans Hex Group have achieved prices that are 12 per cent above the previous quarter ended March 31, 2002, and almost 40 per cent above the lows of mid-October, 2001.
“Global events had caused prices for marine diamonds to fall to eight-year lows by mid-October, 2001. As a result, Diamond Fields has been disclosing the progress of diamond prices over the last few months in an effort to keep the market and our shareholders advised and to satisfy any concerns. We will now revert to our policy of announcing sales on a quarterly basis,” said Mr. Waldron.
“We are pleased to see the diamond market return to previous levels. Our low production costs will allow our operations to be even more profitable at these diamond prices.”
WARNING: The company relies upon litigation protection for “forward-looking” statements.
