Gem Diamonds achieves announces Q4 results

In its announcement of its fourth quarter trading update, Gem Diamonds noted that production at Letseng mine in Lesotho amounted to 29, 100 carats in Q4 2015 (quarter ending 31 December 2015). taking full year production to 108 579 carats. The average price achieved was US$ 2 117* per carat I the said quarter, with nine rough diamonds achieving a value of greater than US$ 1.0 million each. Three diamonds of greater than 100 carats were each sold in the Period.

At its Ghagoo mine in Botswana, the company recovered 95 diamonds greater than 4.8 carats each, including nine diamonds larger than 10.8 carats, with the largest being a 34.1 carat diamond. Also, 24, 294 carats were altogether recovered during the quarter. The third parcel sold in December achieved an average price of US$ 150 per carat in weaker market conditions, bringing the total average US$ per carat achieved for 2015 to US$ 162 per carat.

"It is pleasing to see that the prices achieved for Letšeng' s diamonds during the fourth quarter have remained robust despite the challenging market conditions experienced throughout this Period. The large high quality diamonds, for which Letšeng is renowned, have contributed to a Q4 2015 average price of US$ 2 117 per carat which results in an average price for FY 2015 some 9 percent lower than FY 2014,” said Gem Diamonds' CEO, Clifford Elphick.