Regal Group International: Tanzanite sales on the increase.

Sept. 29, 2010 - PRLog -- Regal Group International has learned that the world’s largest tanzanite miner, the London stock exchange listed Tanzanite One Limited, has seen its share price rise to a 16-week high, after having returned to profit in the first half of this year.

According to a statement available to Regal Group International the company’s shares have climbed 7.9% to 10.25 pence – the highest since early June. Tanzanite One reported a first-half net income of $728 000, a massive improvement from the net loss of $546 000 a year earlier.

“We are seeing a definite increase in demand and prices over the last three quarters, and we are hoping that it will continue,” the firms CEO Bernard Olivier told Regal Group International sources in a telephone interview. “We definitely haven’t seen the peak yet.”

According to the Hamilton, Bermuda-based firm’s statement, the production of tanzanite increased 21% to 1 million carats with sales increasing by 74% to $8.6 million of which $1.69 million was for cut stones, a proportion that Tanzanite One intends increasing.

The sought after blue gems are mined from the only known deposit at the base of Mount Kilimanjaro in Tanzania.

Tanzanite One has said that it has decided not to pay out dividends this year as it wants to accumulate a significant cash reserve before payouts. “Since we’ve only now returned to profitability, I doubt it will be this year,” the CEO told Regal Group International sources.

# # #

Regal Group International is a full service commodity trading advisory offering services to traders ranging from the beginner, with no experience in the markets at all, to the advanced trader who is looking for an avenue to place fast efficient orders.