16 Oct 2019
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Gem Diamonds witnesses good demand for Letšeng’s diamonds
The average price realised was up 20%
By: Diamond World News Service
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Jul 29 2017 2:57PM
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Reference: 15428  

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Image Courtesy: Gem Diamonds Limited
Image Courtesy: Gem Diamonds Limited
Gem Diamonds Limited announced its trading update including the operational and sales performance for six months from 1 January 2017 to 30 June 2017 ahead of its half yearly results.

Gem Diamonds’ CEO, Clifford Elphick commented: “The improvement in the greater than 100 carat diamond recoveries at Letšeng is encouraging with the US$ per carat achieved trending positively at US$1 779, up 20 percent from US$1 480 in H2 2016. The market for Letšeng’s high-quality diamonds has remained firm over the period with the last tender of the period achieving over US$2 200 per carat. This positive trend has continued with the most recent July tender achieving an average price of US$ 2 3852 per carat.” The company also noted that the market for both rough and polished diamonds remained cautious during the period although the strong demand for Letšeng’s large high-quality white rough diamonds has continued.

Sale of diamonds from Letšeng resulted 49 930 carats being sold for US$ 88.8 million; reflecting a 6 percent dip in volume and a 13 percent increase in value, on y-o-y basis. The average price realised was up 20 percent on y-o-y basis to US$ 1 7791 per carat from US$1 480 per carat in H2 2016. The recent tender which closed on 19 July achieved an average price of US$ 2 3852 per carat. Eighteen diamonds sold for more than US$ 1.0 million each, generating revenue of US$ 37.0 million during the period.

During the six months, the company recovered four diamonds greater than 100 carats, apart from exceptional 98.42 and 80.58 carat D-colour Type IIa diamonds. Altogether, 50 478 carats were recovered at Letšeng at a grade of 1.59cpht. After the said six months, an exceptional 126.75 carat D-colour Type IIa diamond was recovered, bringing the total greater than 100 carat diamond recoveries to date to five.

Clifford Elphick added, “A Group-wide, externally supported cost efficiency and bench-marking review has commenced and has already identified opportunities that are being actively pursued. Further progress on this review will be reported on during Q4.”

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