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LONDON - Vast Resources plc (AIM:VAST) announced Monday it has completed the sale of 123,711.8 carats of lower value diamonds at an average price of $6.87 per carat, according to a press release.
The sold stones included 50,993.98 carats of industrial stones, 63,091.75 carats of rejection low stones, 8,211.71 carats of rejection high stones, 695.5 carats of cleavage stones, and 718.88 carats of low quality gem stones.
The company noted that a remaining parcel of approximately 135,139.47 carats of gem-quality stones, less an estimated 2% boiling loss, was not included in the tender.
Vast Resources clarified that while "cleavage" and "rejection high" category stones were previously included within the 12,591.77 "mixed/higher quality" gems announced on November 17, these categories are inherently of lower value than high grade gems. This explains the difference in average sale price compared to the ’high grade’ stones which sold at $1,083 per carat.
The company emphasized that stone quality references are indicative only, and that sales value is the only material metric it considers significant.
Vast Resources described this initial tender as encouraging, stating it demonstrates the company’s ability to market diamonds, particularly high-value stones, in future tenders.
Vast Resources is a UK-based mining company with operations in Romania, Tajikistan, and Zimbabwe, listed on the AIM market.
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