TanzaniteOne sees improved demand for gemstones
01 December 2009
Gemstone producer TanzaniteOne today said it had sold US$11.22 million of tanzanite so far in 2009. Of particular note was a 42% rise in sales of lower grade stones in the second half of the year, which came as a result of a new re-grading and classification scheme and a new marketing and sales direction.
TanzaniteOne has traditionally been adept at getting some stability into its sales process. Four years ago it introduced a Preferred Supply Strategy (PSS) and uses the concept of a sightholder system, which is traditionally used in the diamond sector.
The company runs a set number of sights every year where selected sightholders are offered parcels of tanzanite stones. In the third sight this year, held in Dubai, six parcels comprising a total of 56,450 carats of stones were sold for US$1.82 million.
In terms of production, the company has beaten its annual target by mining 1.71 million carats to date in 2009, with an average grade of 51 carats per ton.
At its Tsavorite exploration project, recent pitting, trenching and sampling at the Lemshuku deposit resulted in the extension of the identified scope of the deposit. Rotary air blast drilling at the Lemshuku Tsavorite deposit is currently underway and the mobile mineral-processing plan has been commissioned.
TanzaniteOne said the revenues to date in 2009 had demonstrated a progressive return and stabilising of demand, albeit at prices still off their 2008 peaks. Following the encouraging response from the November sales, the company will conduct further non-sight sales during December rather than the previously planned fourth sight.
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