South African diamond fetches half a million dollars

A 42.26-carat diamond recovered by Canadian junior Tango Mining (TSXV: TGV) fetched almost half a million dollars at the Kimberley Diamond Exchange, the company announced today.

In detail, the gem was sold on tender for $11,267 per carat.

The unnamed diamond was recovered from run of mine gravel at the company’s Oena mine, an 8,800-hectare operation located on the lower Orange River, Northern Cape Province, South Africa.

According to Tango, Oena is known for producing high quality and large sized diamonds, the largest one weighing 79 carats. Since the company acquired the mine via the purchase of a controlling interest in African Star, the site has yielded 2019 carats, including production from both ROM material as well as pan tailings and bantam material.

In a press release, the Vancouver-based miner said that Oena diamonds have been sold at an average price of $1,290 per carat.