Key points
- Diamond production from the Luderitz Bay grant rose to 30,300 carats for the quarter ended August 31, 1998, from 25,900 carats the previous quarter, with average stone size increasing to 0.39 carats from 0.36 carats.
- Diamond sales totaled 29,300 carats generating $4,806,300, up from 5,100 carats and $913,400 in the prior quarter.
- The average price per carat fell to $164 from $179, which the company attributed to the smaller average diamond size recovered the previous period and global economic factors affecting diamond market sentiment.
- The MV Kovambo spent 17 days in Cape Town for maintenance and repairs during the quarter, and diamond stocks at quarter end were 23,400 carats, up from 22,400 carats.
AND SALES RESULTS
Q1 ended Q4 ended
08/31/98 05/31/98
Diamonds produced
(carats) 30,300 25,900
Average diamond
size (carats) 0.39 0.36
Carats sold 29,300 5,100
Sales value (U.S.
dollars) 4,806,300 913,400
Average price per
carat (U.S. dollars) 164 179
Stock at quarter
end (carats) 23,400 22,400
Production from the company’s Luderitz Bay grant during the quarter was 30,300
carats of gem quality diamonds (previous quarter: 25,900 carats). The average stone
size recovered was 0.39 carats (previous quarter: 0.36 carats).
During the quarter MV Kovambo spent 17 days in Cape Town for maintenance and
repairs.
Diamond sales during the quarter at 29,300 carats (previous quarter: 5,100 carats)
generated $4.8-million (previous quarter: $900,000). The average sales price per
carat was $164 (previous quarter: $179). The decline in the average price per carat
reflects the lower average diamond size recovered during the previous period and the
current sentiment of the diamond market, affected by global economic factors.
Demand for the company’s high quality Namibian production remains strong.
Diamond stocks at quarter end were 23,400 (previous quarter: 22,400).
