Rockwell Diamonds at Pre-crisis Diamond Output

Mining Weekly quotes Rockwell Diamonds’ CEO Dr John Bristow as stating that the diamond mining company has almost bounced back to pre-meltdown diamond production levels.

Bristow underscored his company’s intention to initiate capital-raising and to embark on a process of consolidation of alluvial diamond-miners. He added that a less speculative diamond industry with fewer players was emerging in the aftermath of the global credit crisis.

Rockwell laid off 140 employees and released 40 contractors during the recession. The company currently employs a staff of 450 in comparison to the 600 during better times. Until the advent of the crisis in September last year, Rockwell was averaging $2,000 per carat.

Bristow noted that the greatest demand today is in the 1 to 5 carat range generally used for engagement rings.

The capital that the company hopes to raise will provide it with a hedge against unforeseen disturbances, including the swine flu, which is apparently causing disquiet in a sensitive market.