Sunstone hotel, the world’s biggest and most successful diamond company, has hit a new high after soaring past its $1.5 billion market cap in early trading on Thursday.
Key points:Sunstone, the global leader in luxury and diamond mining, said its share price has climbed by 30% over the past yearThe company says its mining boom is sustainableThe company said its profits are fuelled by rising demand in emerging marketsThe shares of Sunstone, which has more than 400 employees, rose more than 40% in the 24 hours after the market opened in Sydney.
The company’s shares jumped more than 20% to $1,538.35 on Thursday afternoon, while its shares have been steadily rising since the company said in early October it had set a record for the most profits generated in the mining industry.
Sunstone’s shares have gained more than 10% in 2016 and the company has said that growth will continue.
In an interview on Thursday, Sunstone chief executive officer John Dank said his company’s mining boom was sustainable.
“We’re building an empire for the next 100 years and we’re doing it in the best interests of our shareholders,” he said.
“Our strategy is sustainable, so the only way to get to where we want to go is to invest in the most sustainable way.”
Sunstone also said that its share prices had been driven up by increased demand in developing markets.
The company recently announced that it would open an office in the United Arab Emirates, where its profits will be reinvested.
Its operations are based in the Kimberley, where the company currently employs about 150 people.
In October, Sunsteres shares had fallen to $4.90, but after trading in the high $1-billion range, it gained again to $2.70.
But in early market trading, Sunstones shares were trading at a record $2,068.60, up by nearly $30 per share.
For the year to September, Sunstein’s shares generated $9.8 billion in revenue.
That was a huge increase on the $3.6 billion generated in 2015.
Sunstone said its operating profit margin in the year ended September 2019 was 40%, which was its highest level since its inception in 2005.
It said its revenue was about half of what it was in the same period a year earlier.
Mr Dank also said the company was committed to making investments in its employees.
“In terms of staff, we’re working to keep the workforce engaged in the industry as much as possible, and as many people as possible,” he told reporters.
“I think it’s something that we will be very, very proud of.”
The most important thing for us, I think, is that our employees are very excited about the future.
“The Australian Bureau of Statistics is currently publishing data on Australia’s diamond industry.