BlueRock Diamonds PLC announce sale of 3,805 carats for an aggregate consideration of US$1,255,000

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BlueRock Diamonds PLC (LON:BRD), the AIM-listed diamond producer, has announced the sale of 3,805 carats of the gemstones and is changing its policy on the announcement of individual diamond sales.

The group, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, said the stones were sold at an average price of US$330 per carat for an aggregate consideration of US$1,255,000.

In a statement, BlueRock executive chairman, Mike Houston, said: “Our diamonds remain attractive to buyers even in what continues to be an uncertain market.  Similar to the sale announced in June 2020, this was a private sale conducted through a sales agent in South Africa.  We are pleased with the price achieved which is above our internal budget and a 14% increase over the price achieved in June 2020.”

READ: BlueRock Diamonds sees fifth diamond valued at over US$100,000

Houston added: “We continue to finalise the necessary export requirements which have proven to be a lengthy process in the current COVID-19 environment.  As soon as this is completed, we will commence exports which gives us the flexibility of bridge financing our inventory, if required.  Until then we have the option of selling our diamonds locally at a price which allows us to operate profitably.”

On its change of policy, the company said that prior to the coronavirus (COVID-19) pandemic, the policy had been to announce the value of individual diamonds with a value of above US$50,000 on sale. 

It noted that the two recent sales have been sold as a total package and the value of individual diamonds has not been separately identified – for example, the recent sale included the 12.12 carat stone recovered in July 2020 – this is a position that might continue.

Accordingly, the group said, it is modifying its announcement policy such that for the foreseeable future BlueRock will announce all individual diamonds valued at above US$50,000 when formally valued.

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