Key points
- Diamond Fields sold 7,968 carats at an average price of $199.86 (U.S.) per carat, for total gross proceeds of $1,592,400 (U.S.).
- The diamonds are Diamond Fields’ 50-per-cent share of production from the MV Kovambo under its joint venture with Samicor Mining Services (Pty.) Ltd., a subsidiary of the Leviev group.
- The sale included two special stones: a 12.80-carat diamond at $1,826.04 (U.S.) per carat ($23,373.25 total) and a 5.18-carat stone at $2,501.42 (U.S.) per carat ($12,957.36 total).
- CEO Gregg J. Sedun said the average per-carat price since June 2004 has exceeded the 2003 average of $143 (U.S.) per carat by more than 52 per cent.
Diamond Fields International Ltd. has recently sold 7,968 carats at an average price of $199.86 (U.S.) per carat, for a total gross sale of $1,592,400 (U.S.). This price continues to represent a substantial increase over the $143 (U.S.) per carat average in 2003. This parcel comprises Diamond Fields’ 50-per-cent share of diamonds mined by the MV Kovambo pursuant to its joint venture agreement with Samicor Mining Services (Pty.) Ltd., a subsidiary of the Leviev group of companies.
Under the terms of the joint venture with Samicor, for every shipment all diamonds less than 1.80 carats in mass are divided equally between the joint venture parties. Possession of diamonds that weigh between 1.80 and 9.99 carats (except for certain high-value special stones) alternates by shipment between the two parties. For this shipment, Samicor retained the 1.80 carat to 9.99 carat stones. The Diamond Fields sale did include two special stones, a 12.80-carat diamond sold for $1,826.04 (U.S.) per carat (for a total of $23,373.25 (U.S.)), and a 5.18-carat stone for $2,501.42 (U.S.) per carat (for a total of $12,957.36 (U.S.)).
Gregg J. Sedun, president and chief executive officer of Diamond Fields, stated: “The high sale price of our first two parcels of diamonds from the Samicor joint venture demonstrates the high value of the Diamond Fields’ exceptional Namibian product and the buoyancy of the rough diamond market. The average per carat price of diamonds sold since June, 2004, has exceeded the average 2003 price by more than 52 per cent.”
WARNING: The company relies upon litigation protection for “forward-looking” statements.
