Diamond Fields sells 7 968 carats at US$200 a throw

(TSX:DFI) has announced the recent sale of 7 968 carats at an average price of US $199,86 (N$1 320) per carat, for a total gross sale of US$1 592 400.

According to the latest DFI press release, this price continues to represent a substantial increase over the US$143 per carat average in 2003. This parcel comprises Diamond Fields’ 50 per cent share of diamonds mined by the MV Kovambo pursuant to its joint venture agreement with Samicor Mining Services (Pty) Ltd, a subsidiary of the Leviev group of companies.Gregg Sedun, President and CEO of Diamond Fields said that in terms of the joint venture with Samicor, for every shipment all diamonds less than 1,80 carats in mass are divided equally between the joint venture parties.He also said possession of diamonds that weigh between 1,80 and 9,99 carats (except for certain high-value special stones) alternates by shipment between the two parties.For this shipment, Samicor retained the 1,80 to 9,99 carat stones.The Diamond Fields sale is said to have included two special stones: a 12,80 carat diamond sold for US$1 826,04 per carat (for a total of US$23 373,25), and a 5,18 carat stone for US$2 501,42 per carat (for a total of US $12 95,36).Sedun had this to say about the developments, ‘The high sale price of our first two parcels of diamonds from the Samicor joint venture demonstrates the high value of the Diamond Fields’ exceptional Namibian product and the buoyancy of the rough diamond market.’The average per carat price of diamonds sold since June 2004 has exceeded the average 2003 price by more than 52 per cent.”Diamond Fields International Limited is an internationally active exploration and mining company pursuing mineral exploration opportunities worldwide.The company’s corporate strategy is to maximise cash flow from its Namibian marine diamond concessions and systematically explore and develop its international mineral exploration projects.In addition, the company continues to explore opportunities to acquire new economic mineral projects worldwide.This parcel comprises Diamond Fields’ 50 per cent share of diamonds mined by the MV Kovambo pursuant to its joint venture agreement with Samicor Mining Services (Pty) Ltd, a subsidiary of the Leviev group of companies.Gregg Sedun, President and CEO of Diamond Fields said that in terms of the joint venture with Samicor, for every shipment all diamonds less than 1,80 carats in mass are divided equally between the joint venture parties.He also said possession of diamonds that weigh between 1,80 and 9,99 carats (except for certain high-value special stones) alternates by shipment between the two parties.For this shipment, Samicor retained the 1,80 to 9,99 carat stones.The Diamond Fields sale is said to have included two special stones: a 12,80 carat diamond sold for US$1 826,04 per carat (for a total of US$23 373,25), and a 5,18 carat stone for US$2 501,42 per carat (for a total of US $12 95,36).Sedun had this to say about the developments, ‘The high sale price of our first two parcels of diamonds from the Samicor joint venture demonstrates the high value of the Diamond Fields’ exceptional Namibian product and the buoyancy of the rough diamond market.’The average per carat price of diamonds sold since June 2004 has exceeded the average 2003 price by more than 52 per cent.”Diamond Fields International Limited is an internationally active exploration and mining company pursuing mineral exploration opportunities worldwide.The company’s corporate strategy is to maximise cash flow from its Namibian marine diamond concessions and systematically explore and develop its international mineral exploration projects.In addition, the company continues to explore opportunities to acquire new economic mineral projects worldwide.