Commenting on the results, Clifford Elphick, CEO of Gem Diamonds, says:
“Gem Diamonds delivered solid operational results which together with the targeted gains of the Business Transformation programme and continued emphasis on cost controls, confirmed our status as one of the lowest-cost producers in the industry.”
“The operational results were characterised by the achievement of all guided operational metrics and the recovery of 11 diamonds greater than 100 carats each, which also brought the total number of diamonds of greater than 100 carats recovered at the Letšeng mine to 100.
“This, together with a 13.32 carat pink diamond that was recovered and sold for a Letšeng record of US$656 934 per carat, reaffirms the unique quality of the Letšeng production.
“The Letšeng mining lease was renewed for an effective 20-year period which creates long-term stability for Letšeng.
“This, together with the continued emphasis on cost controls, positions the Company well for an upturn in the market for Letšeng’s quality production which appears to have begun.”