|
|
Large Stones Prove Profitable for Gem Diamonds
Sep 5, 2018 9:44 AM
By Rapaport News
|
|
|
RAPAPORT... Gem Diamonds swung to a profit in the first half of the
year, boosted by the sale of large, high-quality stones from its Letšeng
mine in Lesotho.
Profit was $24.2 million for the period ending June 30,
versus a loss of $2.9 million last year, the company reported Wednesday.
Sales rose 81% year on year to $167.7 million for the six
months, from 61,596 carats, with the average price at Letšeng
up 54% to $2,742 per carat. The company sold 25 stones for more than $1 million
each, with the largest of those, the 910-carat Lesotho Legend, fetching $40
million.
“Letšeng’s improved recoveries combined with the discovery
and subsequent sale of the Lesotho Legend has generated a strong set of results,”
said CEO Clifford Elphick. “Letšeng produced a record number of diamonds
greater than 100 carats for any six-month period in the mine’s history.”
Gem Diamonds recovered 10 diamonds larger than 100 carats during
the first six months at Letšeng, and last month unearthed another
two, making this a record year for such finds.
The company also owns the Ghaghoo mine in Botswana, which it
is in the process of selling.
Image: Gem Diamonds
|
|
|
|
|
|
|
|
|
|
Tags:
Botswana, Clifford Elphick, Gem Diamonds, Ghaghoo, Lesotho, Lesotho Legend, Letšeng, mining, Rapaport News
|
|
|
|
|
|
|
|
|
|
|
|
|