Diamond companyStellar suffered a deep drop in sales for the fiscal year from July 2011 to June 2012, earning 75% less on sales of its diamonds, Diamond World reports. The firm earned only just over $370,000 in revenue on sales of rough diamonds from its Mandala mine in Guinea, West Africa.
The reduced sales meant that Stellar lost $5.4 million in the fiscal year, amounting to a $15 million year-over-year loss for the firm, according to Diamond World.
In addition to its Mandala mine, Stellar operates the Droujiba project in Guinea and another project in neighboring Sierra Leone.
Just last month, Stellar had reported that its bulk sampling at a kimberlite pipe in Guinea had revealed a diamond grade of just under 100 carats per hundred tons of ore, surpassing its initial estimates of 71 carats per hundred tons. Mineweb reported that Stellar believed the site to contain significantly more carts than the 2.5 million inferred to it.