Stellar Reports First Diamond Sales and Revenues

Stellar Diamonds plc (LSE:STEL) announced its first diamond sales and revenues, noting that it sold 4,414 carats of diamonds in Antwerp for gross revenues of US$417,122.

As quoted in the press release:

The sale included excellent quality white stones, with a value of US$5,000 per carat achieved for one particular five carat stone.

The Company withheld 1,617 carats from the sale as the bid prices were not considered acceptable. These goods will be added to future exports and be offered for sale at a later date.

Looking forward to the future, Stellar said:

The Company is pleased with the revenues generated from the sale in what remains a challenging market for rough diamonds. Future sales will be targeted for optimum selling windows with the next sale from Stellar’s operations planned for May 2015. Further announcements will be made in due course as and when significant diamond exports or diamond sales occur.

About Stellar Diamonds:

Stellar is an AIM quoted (AIM: STEL) West African focused diamond development company which has commenced trial mining of its Baoulé kimberlite in Guinea, and is progressing the 1.45 million carat Tongo Dyke-1 resource in Sierra Leone through a definitive feasibility study. In addition, Stellar holds the 3 million carat Droujba project in Guinea and continues to pursue diplomatic channels to ensure the proper reinstatement of its Kono licences in Sierra Leone.

Click here to read the full Stellar Diamonds plc (LSE:STEL) press release.