BlueRock Diamonds, which owns the Kareevlei diamond mine in South Africa, has improved its fourth-quarter revenue by 68% on the back of higher diamond prices.
The diamond miner said it raked in about $3 million in the three months ended December 31, 2021, compared to the previous year’s $1.8 million.
"The market has remained buoyant throughout the year with prices returning to levels above those of 2019 resulting in revenue more than doubling in 2021 compared with 2020," said company chairperson Mike Houston.
BlueRock’s total revenue for 2021 reached $10.8 million, up from $4.8 million in 2020.
Meanwhile, the company’s production leapt 44% to 6, 866 carats during the quarter under review from the previous year’s 4, 781 carats.
Annual production rose 53% to 23, 497 carats in 2021 compared to 15, 371 carats in 2020.
Houston said the first-quarter production is often lower due to the impact of the wet season.
“I anticipate much of the [first quarter] 2022 will be used to make minor refinements on the plant and focus on sustaining production at the increased volumes,” he said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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