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Large Stones Lift Gem Diamonds Results

Aug 5, 2018 8:11 AM   By Rapaport News
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RAPAPORT... Revenue at Gem Diamonds rose in the first half of the year as higher recoveries of large stones boosted the average selling price.

Sales jumped 43% to $169.2 million by value and, by volume, climbed 8% to 61,696 carats, the miner reported Friday. Rough diamonds from the company’s Letšeng mine in Lesotho achieved an average of $2,742 per carat, compared to $2,061 per carat in the same period a year ago.

While total Letšeng production was flat at 61,596 carats, the asset yielded a record 10 rough diamonds larger than 100 carats in the first six months of the year. These included the 910-carat Lesotho Legend — the company’s largest find to date — which sold for $40 million in March. Some 25 stones fetched more than $1 million each during the period.

“We are delighted to see the continuation in the recoveries of large diamonds during the period,” CEO Clifford Elphick said last week. “This trend continued into [the third quarter] with the 11th diamond greater than 100 carats recovered in July, now equaling the highest number of these recoveries in a single year. Greatly improved recoveries combined with the discovery and subsequent sale of the Lesotho Legend has generated a strong financial performance for the first half.”

The highest price per carat the company achieved for a diamond during the first half was $62,433 for a 2.26-carat pink diamond.

Gem Diamonds also owns the Ghaghoo mine in Botswana, which it is in the process of selling.
Tags: Clifford Elphick, Gem Diamonds, Ghaghoo Mine, Lesotho, Lesotho Legend, Letšeng mine, Rapaport News
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