Northwire Canada EditionWednesday, November 11, 2026
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Production / Operations

Southstone sells 65.8-carat diamond at Oena mine

By The Northwire Desk — AI Analysis Feb 05, 2026 · 18:40 SML · None Southstone Minerals Limited
SML · Price

Executive Summary

  • Southstone Minerals reported Q1 FY 2026 diamond sales of approximately US$1.90 million, a 29% increase versus the prior quarter, driven by higher volume and pricing.
  • A standout 65.812‑carat diamond sold for US$579,984; three diamonds fetched > US$5,000 per carat.
  • Updated tender results show mixed revenue splits under a newly amended contract, with Tender 271 contributing 55% of Q1 gross sales despite only 23% of carats sold.

Key Details

  • Q1 FY 2026 (Sept‑Nov 2025) Highlights
  • Gross diamond sales: ≈ US$1.90 M (+29% QoQ).
  • Sales volume: 897.24 carats (+12% QoQ).
  • Average price per carat: US$2,122 (+15% QoQ).
  • Specials sold: 8 stones, avg. 23 carats each, total proceeds US$1,274,668.
  • Notable stone: 65.812‑carat diamond sold for US$579,984.

  • Three diamonds priced > US$5,000 per carat.

  • Q2 FY 2026 (Dec 2025‑Feb 2026) to Date (Unaudited)

  • Recovered carats: ≈ 989 carats (incl. inventory).
  • Tender 273 (Jan 22 2026): 414.87 carats, gross sales US$587,759; two stones > US$5,000 per carat.

  • Unsold inventory: 574 carats (13 specials avg. 19.9 carats).

  • Historical Specials Performance

  • Since Nov 2023 restart, specials = 29% of recovered carats, 61% of gross sales value at Sandberg.

  • Since Oena acquisition (2014): total sales 12,356 carats, avg. stone size 2.17 carats, avg. price US$1,660 per carat.

  • Contract Amendment (Effective July 1 2025) – African Star & Rietput Delwery BK

  • Conditional revenue split based on tender gross sales (ZAR):

    • < 10 M ZAR → 85% to Rietput, 15% to African Star (6.45% indirect interest to Southstone).
    • ≥ 10 M ZAR → original 80%/20% split (8.6% indirect interest to Southstone).

  • Tender Results for Q1 FY 2026

  • Tender 270 (Sept 18 2025): 353.35 carats, gross sales ZAR 8,246,643, 85/15 split applied.
  • Tender 271 (Oct 16 2025): 209.15 carats, gross sales ZAR 18,162,179, 80/20 split applied – accounted for 55% of Q1 gross sales.
  • Tender 272 (Nov 27 2025): 334.74 carats, gross sales ZAR 6,470,618, 85/15 split applied.

  • Tender 273 (Jan 22 2026 – post‑quarter): 414.87 carats, gross sales ZAR 9,533,445, 85/15 split applied.

  • Qualified Person Statement – Terry L. Tucker, PGeo (APEGBC), Executive Chairman, approved technical disclosure per NI 43‑101.

Notable Quotes

(No direct quotes provided in the release.)

Read the original news release →

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Production / Operations