GEM DIAMONDS OPTIMISTIC ABOUT LARGE DIAMONDS’ PRICES DESPITE MARKET

Gem Diamonds 140 carat rough

Gem Diamonds, which operates the Letšeng diamond mine in Lesotho, has published its sales performance for the first half of the year ended June 20, 2019. Gem Diamonds sold 55,714 carats during the period, achieving an average price of $1,697 per carat – 10% more than the average price for H2 2018. Revenue for the period totaled $41.6 million USD.

During the period, the miner sold a 13.32 carat pink diamond for a Letšeng record of $656,934 per carat, and recovered three diamonds greater than 100 carats. It sold 15 diamonds for more than $1 million each. Gem Diamonds added that it is on track to deliver its targeted $100 million “in incremental revenue, productivity improvements and cost savings over the 4-year period to end 2021”.

Gem Diamonds concluded by announcing that prices for the smaller and commercial goods “have been under pressure for some time with the larger goods having been less affected, although showing recent signs of weakness”. However, the miner expects “Letšeng’s unique, ultra-high-quality goods to be less vulnerable over time to market pressures”.

Source: israelidiamond

Gem Diamonds sixth large rough diamond for this year

Gem Diamonds 152 carat type IIa diamond

Gem Diamonds at an elevation of 3,100 meters above sea level, The Letšeng Diamond mine is one of the world’s highest diamond mines.

The Letšeng Diamond Mine is having an extraordinary year this far as the miner continues to recover rough diamonds larger than 100 carats at its mine in Lesotho.

On Wednesday, the company announced it had recovered a 152 carat  D colour type IIa diamond, the sixth exceptional large rough diamond so far this year.