|
|
910ct. Stone Fuels Gem Diamonds Sales
Apr 26, 2018 7:01 AM
By Rapaport News
|
|
|
RAPAPORT... Gem Diamonds’ revenue nearly tripled in the first quarter
amid strong demand for its rough and the sale of the fifth-largest diamond in
history.
Revenue surged 174% year on year to $106.2 million for the
three months ending March 31, the miner said Thursday. The company sold 32,412
carats from its Letšeng mine in
Lesotho across two tenders during the period.
In March, the company sold the 910-carat, D-color, type IIa
Lesotho Legend for $40 million, or $43,912
per carat. It also earned $3.7 million, or $56,028 per carat, from the
sale of a 66.27-carat diamond, and sold a further 14 diamonds for more than $1
million each, it said. As a result, the company’s overall average price leaped
98% to $3,276 per carat for the quarter.
Production from Letšeng
jumped 32% to 33,526 carats, with the miner recovering seven diamonds larger
than 100 carats during the period, including the Lesotho Legend.
“It is encouraging to see the improvement in the frequency
of large-diamond recoveries during the period,” said Gem Diamonds CEO Clifford Elphick. “The
market for Letšeng’s high-quality diamonds has remained robust over the
period.”
Gem Diamonds owns 70% of the Letšeng mine, with the state holding
the remaining shares. Last week, the Lesotho government announced its intention
to renew the miner’s lease on Letšeng until 2034.
Gem Diamonds is planning to offload the Ghaghoo mine in
Botswana, its other deposit, and has begun a formal sales process for the asset.
|
|
|
|
|
|
|
|
|
|
Tags:
910ct., Clifford Elphick, Gem Diamonds, Ghaghoo, Lesotho, Lesotho Legend, Letšeng mine, Rapaport News
|
|
|
|
|
|
|
|
|
|
|
|
|