DiamondCorp cancels September gem auction

Africa focussed diamond mine development and exploration company DiamondCorp (LON:DCP) shelved its planned auction for the month of September, due to poor prices during July and August, Rough and Polished reports.

The company said it would hold the tender as soon as prices return to former levels. It’s been reported the miner has over five thousand carats of gems for sale. These diamonds were harvested from the retreatment of tailings at the firm's Lace plant in South Africa.

DiamondCorp has mined another two thousand carats of diamonds but isn't looking not to sell them, instead the company would rather to use them to attract potential partners for the Lace project.  The junior needs additional funding in order to facilitate full-scale underground mining at the site. It has already secured a $26.7 million loan and is seeking $12.1 million more to move the underground mining project forward.