Firestone recovers 465680 carats in H1

Yearly guidance range

between 820K and 870K carats!

Firestone Diamonds announces the result of H1 2019 of Liqhobong Diamond Mine that remained on track to meet guidance. During the period, 465680 carats recovered over the H1 2018 of 379716 carats. Over all full year guidance range is of between 820K and 870K carats that include, the recovery of the largest diamond to date, a 326 carat light yellow makeable stone.

Average value per carat of US$71 realised in the period, impacted by prices for smaller, lower value diamonds as that was realised US$74 in H1 2018. Despite the lower rate, revenue of US$27.4 million from three sales remained up over H1 2018 of US$26.0 million from four sales.

Activities Post Period shows an average value of US$90 per carat was realised at the most recent sale which concluded on 22 March, resulting in a higher average value realised of US$80 for the third quarter of the financial year, and US$74 per carat for the first nine months of the financial year.

Record price realised for a single stone sold from Liqhobong, a 70 carat diamond recovered in January. Paul Bosma, Chief Executive Officer of Firestone, commented, “The second half of 2018 saw a global price slump in the smaller, lower value goods which negatively impacted our average dollar per carat achieved. Since then, prices have stabilised at these lower levels and we are looking forward to some improvement once inventory levels in the midstream of the diamond market normalise.

Production is on track to meet guidance and we once again did well to manage costs, which are well below full year guidance. Pleasingly, we sold our most valuable stone to date at the recent sale, a 70 carat makeable recovered in January, and aided by a modest price increase in the smaller fraction we realised our highest average sale price since declaring commercial production in mid-2017 of US$90 /ct."