Paragon Diamonds' recent diamond sale, comprising a parcel of 1,594 carats, brought in a total of $535,500 – an average per-carat value of $335, Paragon reported last week in an operations update.



The company is waiting for diamond prices to rise to auction off four diamonds designated "special" and weighing between 11 and 30.5 carats each. The special diamonds have been independently valued at an average per carat price of $2,750.



Paragon also reported that micro-diamond and mineral indicator testing at its Lemphane kimberlite in Lesotho has turned up 29 diamonds and that further exploration is planned for the Lemphane site in the second quarter of 2011. In addition, the company has applied for a diamond exploration license covering a 20-square-kilometer area next to Lemphane and is conducting an environmental assessment study at the Kaplamp license in Zambia.



Paragon CEO Frank Scolaro said he was pleased with the progress the company was making at Lemphane and looked forward to moving on to the next stages of exploration at both Lemphane and Kaplamp in Q2.