South Africa-based diamond development and exploration company, DiamondCorp has reported that its sales for the first nine months of the year stand at $ 1.072 million in value terms and 16,505 carats in terms of volume. During this period, the average price realised was $ 65 per carat, or 5% above the company’s forecast for the year.

DiamondCorp said that it had sold a 15.2 carat diamond to its Johannesburg beneficiation joint venture at $5,000 per carat, and it expected to receive a further 50% of the sale value of the two brilliant cut polished diamonds of 5.33 cts and 2.07 cts that the rough yielded. These polished diamonds are currently awaiting sale.

While reiterating that its long-term outlook for the industry was strong, since world economies continue to recover, it noted that there had been a softening of demand for rough in the short term, mainly in response to slower polished sales and tightening liquidity, with some banks moving to reduce their exposure to the sector.

Diamond Corp also said that development work into the Upper K4 (UK4) mining block continues to be on schedule and it was aiming to complete ramp up of commercial production from underground kimberlite mining within six months at its 74%-owned subsidiary Lace Diamond Mines (Pty) Limited (LDM).

The current strike at the Lace mine could affect schedules it noted, saying that it estimated that for every two weeks the strike continues, it will add one week to the development timetable.