Stornoway Diamond Corporation reported that its net income for the three months to June 30, 2016 was $ 5.8 million compared to a loss of $ 9.7 million for the three months to July 31, 2015. At the same time, the company continued stable development of Renard Diamond Project (Renard).
Stornoway reported that the increase in financial indicators in the last quarter, mainly due to the increase in value of the securities of the company due to the change of their current market value, and because of currency fluctuations.
Meanwhile, Renard project development proceeded according to plan and budget. Its readiness at the end of the second quarter was 97.4% vs. 95.2% scheduled.
Recycling breed at Renard began July 15, 2016, and the volume of tailings amounted to 859,498 tons.
"Construction work on the Renard is now largely completed, and we have begun to increase volumes processed at the plant. All this has been achieved within the planned schedule and budget. The transfer of authority from the construction team to the permanent staff of mine runs smoothly, and our mining operations are developing satisfactory pace. We did not encounter more with localized stormwater that hindered the progress of the underground mine at the beginning of the year. We are going to organize our first sale of rough diamonds to be floating ing on the progress of mining operations over the next few months ", - said President and CEO Mett Menson Stornoway (Matt Manson).
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In April 2016 India's polished exports rose by 8.9%, to $ 1.78 billion, versus $ 1.64 billion in April last year. By volume, polished exports amounted to 2.60 million carats against 2.52 million carats a year earlier. This is evidenced by the preliminary data of the Council to promote the export of gems and jewelery (Gem and Jewellery Export Promotion Council, GJEPC).
Rough imports grew by 37.2% in value to $ 1.88 billion in April 2016, compared to $ 1.37 billion in April 2015. In volume diamond imports increased by 38%, to 15.4 million carats against 11.16 million carats in the same period last year.
Rough diamond exports from India fell 23% in April 2016, to $ 86,140,000, compared to $ 111.83 million a year earlier. By volume, the figure was 2.02 million carats against 2.47 million carats last year.
Polished diamond imports to India fell in April 2016 to 8.63% up to $ 223 million, from $ 244.13 million in April 2015.
Thus, the Indian cutting and polishing companies could export more finished products, so that its volume in the effluent could be reduced. The Government has successfully pursued a policy to reduce the volume of imports of diamonds, providing additional support to cutters.
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