Stellar Postpones Baoulé Diamond Sale

Rapaport reported that Stellar Diamonds plc (LSE:STEL) has delayed its first sale of diamonds recovered from its Baoulé project in Guinea to the end of January. Originally, the company had planned to sell its first export parcel of Baoulé diamonds by the end of 2014.

As quoted in the market news:

The mining company said that it has decided to send a second parcel of approximately 1,250 carats of Baoulé rough diamonds to be sold together with diamonds previously sent to Antwerp before the end of 2014. Stellar Diamonds explained that the decision to defer the first sale until January 2015 was made to maximize revenue from the project.

Karl Smithson, Stellar Diamonds’ CEO, stated:

In order to maximize the revenue from our first sale we will conduct a second export from Baoulé in early January to complement the goods of the first export made in December. The planned sale will be scheduled for later in January, when buying activity resumes in Antwerp after the end of year break.

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