Namakwa Diamonds closes tenders

Namakwa Diamonds is pleased to announce that it has successfully closed its recent sale of rough diamonds from the Kao Mine in Lesotho, operated by 62.5% owned subsidiary, Storm Mountain Diamonds. The tender in Antwerp through Fusion Alternatives, the dedicated tender partner of I Hennig & Co., took place between 10 October and 17 October 2012.

All 54 lots offered, totalling 25,952 carats, were sold at an average selling price of US $265.60 per carat, with an average diamond size of 0.28 carats.  The sale realised revenues of approximately US$6.9 million, with achieved prices exceeding expectations, once again reflecting the strong demand for Kao product.

Commenting, Theo Botoulas, Chief Executive Officer of Namakwa Diamonds, said: “The Antwerp tender continues to achieve excellent results for the Kao brand with 100 per cent sell-through achieved. Since January 2012, we have now sold a total of 138,172 carats from Kao Mine production in the ten tenders held to date, generating US$38.3 million in revenues for the Company.”