Industry News by Nemesis

Gem Diamonds Reports 20% Rise In Average Price P/C For Letseng Goods

July 25, 2017

Gem Diamonds Limited has achieved an average price of $1,779 per carat for diamonds from the Letšeng mine in Lesotho for the half year to June 30 – a 20-percent jump on the second half of last year, the firm reported ahead of its half yearly financial results to be released on August 17.


It achieved an average price of $2,385 per carat at its last tender which closed on July 19.


The miner recovered four diamonds greater than 100 carats during the period, and exceptional 98.42 and 80.58 carat D-color Type IIa diamonds were also recovered.


The company said that 18 diamonds sold for more than $1.0 million each, generating revenue of $37.0 million during the period.


Gem Diamonds' CEO, Clifford Elphick commented: "The improvement in the greater than 100 carat diamond recoveries at Letšeng is encouraging with the US$ per carat achieved trending positively at US$1,779, up 20 percent from $1,480 in H2 2016.


"The market for Letšeng's high-quality diamonds has remained firm over the period with the last tender of the period achieving over $2,200 per carat. This positive trend has continued with the most recent July tender achieving an average price of $2,385 per carat. A group-wide, externally supported cost efficiency and bench-marking review has commenced and has already identified opportunities that are being actively pursued. Further progress on this review will be reported on during Q4."


Source: Idex

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