ROCKWELL DIAMONDS POSTS 23% JUMP IN DIAMOND SALES IN Q3 TO $7.4M

Rockwell Diamonds' diamond sales jumped 23 percent on the year in the third quarter that ended November 30 to US$7.4 million from US$6 million a year earlier. The South Africa-focused miner said it sold 4,043 carats at an average price per carat of US$1,821 during the three-month period. The firm sold 25 percent fewer diamonds in the quarter from the year-earlier period, however the inclusion of a number of high-quality stones weighing more than 50 carats led to a 64-percent rise in price per carat. The company continued to produce large stones at all its operations, with 51 stones heavier than 10 carats being recovered during the third quarter. "The 23 percent year-on-year increase in diamond sales for the third quarter is a step in the right direction, reflecting improved operational efficiency and enhanced by several rare and high quality stones that were recovered," says Rockwell President James Campbell. "Following weakness during the first part of the year, the diamond market started the third quarter on a cautious note. However, Rockwell experienced high level of interest at final tenders for the year, underpinning a willingness to pay slightly higher prices for our product. "We are optimistic for this year, although the momentum of the market will be largely dependent on strong Christmas sales and further restocking of inventories. With an inventory of 2,704 carats carried forward into the fourth quarter, we are well placed to take advantage of any possible restocking trend."