Kimberley Diamonds Ltd. Announces Highest Price-Per-Carat for Ellendale Diamonds

Australian Stock Exchange (ASX) listed Kimberley Diamonds Ltd. announced on Friday, March 7, 2014, that the company had registered the highest price-per-carat for its rough diamonds, produced at the Ellendale mine, since taking ownership of the mine in February 2013.

Open-pit mining at Ellendale Mine
Open-pit mining at Ellendale Mine

The overall price achieved at the recently concluded online auction, conducted on the company’s behalf by eDiamonds, an independent online trading platform for rough diamonds, reached US$ 207.33 per carat, which was 17.2% higher than the previous sales price in December.
A total of 18,903 carats of gem-quality rough diamonds from the Ellendale mine, divided into 32 lots were on offer at the online auction. These rough diamonds fall outside those sold in offtake agreements, such as the mines’ signature stones – the valuable fancy yellow diamonds – sold to Tiffany & Co, who have been granted exclusive rights for the yellow diamonds for the full economic life of the mine. Ellendale’s fancy yellow diamonds account for only 12% of the Mine’s annual production, but brings around 80% of the Mine’s total revenue.
According to the company, the online auction saw prices rise across all rough diamond sizes and resulted in a total sale of US$3.92-million. The 32 lots of gem-quality rough diamonds were placed on display in Antwerp, ahead of the auction on March 6, 2014.
Commenting on the online sale, Kimberley Diamonds Ltd. executive chairman Alex Alexander said, “The demand for these Ellendale rough diamonds was very strong and this outstanding price per carat result confirms market feedback that rough prices are increasing strongly,”
eDiamond is an independent online trading platform for rough diamonds.
eDiamond brings a unique blend of deep diamond industry experience, together with expertise in retail supply-chain distribution and e-commerce, that enables the online company to deliver the most effective and dynamic eSales solutions for the rough diamond industry. eDiamond provides a fully managed 24/7 eAuction service to Kimberley Diamonds Ltd.

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