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Large Diamonds Boost Letšeng Prices

Jul 25, 2017 5:58 AM   By Rapaport News
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Gem Diamonds said the average selling price for rough diamonds from its Letšeng mine grew 20% in the first half as the company recovered more large diamonds than a year ago.

Production from the high-value project in Lesotho achieved an average of $1,779 per carat, compared to $1,480 per carat in the same period a year ago, the company reported Tuesday. The mine yielded four rough diamonds bigger than 100 carats, as well as two high-quality stones weighing 98.42 carats and 80.58 carats, with 18 diamonds fetching more than $1 million each.

Total Letšeng sales jumped 13% to $88.8 million, even as sales volume fell 6% to 49,930 carats. Production slipped 1% to 50,478 carats.

“The improvement in greater-than-100-carat diamond recoveries at Letšeng is encouraging,” Gem Diamonds CEO Clifford Elphick said.

“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,” he continued.

A group-wide review of cost efficiency has started and has already identified opportunities, Elphick added.
Tags: Clifford Elphick, Gem Diamonds, Letšeng, mining, Rapaport News, Rough Diamonds, Rough Production, rough sales
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