Another diamond company cancelled its planned auction for the month of September, owing to a lull in prices during July and August, Rough and Polished reports. DiamondCorp announced that it would hold the tender as soon as prices return to their former levels.



Over five thousand carats of the gems, harvested from the retreatment of tailings at the firm's Lace plant in South Africa, were supposed to go up for sale. DiamondCorp also stated that it would also hold off further retreatment activities at Lace until the start of the Gregorian new year.



DiamondCorp has also mined over two thousand carats of diamonds from below ground, and is looking not to sell these, but rather to use them to entice potential partners to join forces in continued mining operations at Lace. As a diamond junior, DiamondCorp must acquire additional funding in order to facilitate full-scale underground mining there. It has already secured a $26.7 million loan and is seeking $12.1 million more to move the underground mining project forward.