Yes you would expect something like that however a previous Swedish article quoted Lamb as saying This auction he is hoping for an average price of between 200 and 230 dollars per carat, thus would mean revenues of more than $ 16 million. So they are most likely still holding inventory until later in the year as prices are slowly getting better and they can get more by deferring sales. Also they have the small stones left over from last auction which get a low value per carat which could be why Lamb said the 200-230 range.
Im fine with that strategy though. We need cash flow but holding back thousands of carats till the market improves can make a difference of millions down the road. They seem like they might finally have a handle on everything. Again I will say almost completely de-risked. up up and away??