Rockwell Diamonds has issued an update on its private placement activities and its strategic partnership with Daboll Consultants Ltd, an affiliate of the Israeli Steinmetz Diamond Group. Steinmetz has a subscription amounting to $5 million in the private placement at $0.75 per share.

"Our strategic partnership with Rockwell continues to grow from strength to strength. We have committed significant capital to the current capital-raising initiatives, which clearly demonstrates that we have complete confidence in their investment plans to improve the production profile," CEO of Steinmetz Diamond Group Ori Temkin said in a statement.

"The significant capital that Daboll has committed to Rockwell's private placement, together with the funds being raised from institutional and private investors as well as directors of the company, will enable us to continue with our investment plans so that Rockwell can deliver on its potential," said James Campbell, CEO of Rockwell.

Rockwell has also announced the results of an independent valuation of the company done by Jennifer Lucas of Evans & Evans Inc. The company was valued using a weighted average of trading price method, guideline public company method and an adjusted book value method. The range of fair market value for Rockwell is somewhere between $62 million and $69.1 million based on the above methods.