Johannesburg, South Africa — 23 September 2013 – A South African diamond company saw its share price surge by nearly 70% in the past week, after it had reported discovering four large diamonds weighing well over 100 carats each.
Rockwell Diamonds, a mid-tier miner, announced news of the discovery last Tuesday, and by the end of the week its shares on the Toronto stock exchange had increased in value by 69% reports Fin24. The four stones weighed between 116-carats and 168-carats.
That means each stone weighs at least 23 grams “’ roughly half the weight an egg. Depending on quality, the gems could be worth tens of millions of dollars each.
The stones “’ two of which are of “exceptional” quality “’ were found in the Middle Orange River of South Africa, a region known for its large and high quality gemstones.
“We have recovered four stones exceeding 100 carats in three weeks,” Rockwell investor relations executive in South Africa Stephanie Leclercq revealed.
“We generally expect to recover one or two of those stones in a year, so that was quite material,” she added.
CEO and president James Campbell said: “Recovery of four rough diamonds exceeding 100 carats within a three week period is a milestone in our objective to grow production in the Middle Orange River region, where we have a significant inventory of high value in situ diamonds.”
The company is dual-listed on the Johannesburg and Toronto stock exchanges.
Source: Fin24. For more information, click here.