Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of diamond producer BlueRock Diamonds (LON: BRD) are rallying Tuesday after it reported a record quarter for carats produced.
The AIM-quoted firm produced 7,682 carats during the third quarter, representing a 38% rise from the 5,577 produced in Q3 2020.
The number of carats sold also significantly rose from 3,803 last year to 6,887 in Q3 this year, an 81% increase.
The 68% rise in the average price per carat, which was $554 from $330 the previous year, will have encouraged the company further.
BlueRock Executive Chairman, Mike Houston, said: “With 7,682 carats produced, this has been another record quarter driven by quality high-grade kimberlite being mined and the new crushing plant providing a consistent feed to the old three-pan processing plant. It augurs well for the transition to the new four-pan plant, which will be completed during October.
“The grade and quality of diamonds has been very encouraging and as previously reported we discovered four high-value diamonds during the quarter sold for over $1 million, including a record 58.6 carat stone. The size of this stone at more than double our previous largest stone supports the potential of the Kareevlei resource.”
The company added there is a growing interest in Kareevlei diamonds which was reflected in the average price of $554 per carat.
The Kareevlei mine, in the Kimberley region in South Africa, is owned and operated by BlueRock.
The update saw BlueRock shares open up the session 9.68% higher at 51p, where they are currently trading.
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