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Letšeng Prices Exceed Pre-Pandemic Levels
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Gem Diamonds’ sales rose sharply in the third quarter as rough prices from its lucrative Letšeng mine in Lesotho topped pre-coronavirus levels amid a recovery in the large-stone market.Revenue grew to $60.5 million in the three months...
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Rough Markets
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Oct 28, 2020
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Rapaport News
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Letšeng Yields 442ct. Diamond
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Gem Diamonds has recovered a 442-carat, type II diamond from the Letšeng mine in Lesotho, claiming the stone ranks among the largest gem-quality rough discovered this year. “The recovery of this remarkable 442-carat diamond,...
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Mining
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Aug 23, 2020
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Rapaport News
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Gem Diamonds Notes Solid Rough Demand
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Gem Diamonds reported a rise in the average selling price for the first half of 2020, noting that appetite for its goods had improved at a recent tender in Antwerp.“The results of the latest tender for Letšeng’s...
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Rough Markets
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Jun 18, 2020
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Rapaport News
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Gem Diamonds Sales Drop in First Quarter
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Gem Diamonds’ revenue slipped in the first quarter, as the coronavirus weighed on the average price of rough diamonds from its Letšeng mine in Lesotho. “Prices for Letšeng’s diamonds have been negatively impacted in March 2020...
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Mining
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Apr 21, 2020
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Rapaport News
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Letšeng Average Price Drops 6% in 1Q
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Gem Diamonds’ average selling price fell 6% to $1,615 per carat in the first quarter compared with the previous three months, the company said Monday.The miner brought in $6.7 million from its second flexible...
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Mining
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Apr 06, 2020
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Rapaport News
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Gem Diamonds Flexible Tender Fetches $12M
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Gem Diamonds garnered $12.1 million from the sale of rough diamonds through its new flexible tender process.“The results of the initial round of the flexible tender sales process for a selection of Letšeng’s large diamonds...
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Mining
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Apr 01, 2020
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Rapaport News
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Gem Diamonds Tender Prices Drop 18%
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Prices at Gem Diamonds’ latest small-stone tender dropped 18% versus its previous sale in November due to the coronavirus pandemic and subsequent economic crisis, the company said Thursday.“The results of the Letšeng small-diamond tender...
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Mining
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Mar 19, 2020
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Rapaport News
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Gem Diamonds Sees Sales Decline in 2019
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A drop in the recovery of large stones and a decline in the average price achieved for rough from the Letšeng mine led to a decline in sales for Gem Diamonds in 2019.Proceeds fell 32% to $182.1 million, the miner...
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Mining
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Feb 16, 2020
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Rapaport News
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Gem Diamonds Firm on No-Dividend Policy
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Nearly a quarter of Gem Diamonds’ shareholders voted againstreelecting CEO Clifford Elphick to the company’s board, in an effort to force approval of share buybacks and dividends. The board directors opposed implementing those measures because of the current...
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Mining
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Dec 01, 2019
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Rapaport News
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Gem Diamonds Lowers Full-Year Outlook
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Gem Diamonds has reduced its sales guidance for the year, asa problem with its high-value satellite pipe has forced it to mine from thelower-value portion of its Letšeng mine in Lesotho. The miner now...
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Mining
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Nov 06, 2019
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Rapaport News
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Lesotho Renews Letšeng Lease
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Gem Diamonds has obtained a 10-year lease to continue miningat the lucrative Letšeng deposit in Lesotho, but will haveto pay a larger proportion of its sales proceeds to the government. The southern African kingdom has also...
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Mining
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Oct 06, 2019
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Rapaport News
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Large-Stone Recoveries Fall at Gem Diamonds
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Gem Diamonds’ revenue faltered during the first quarter, as it recovered fewer large diamonds from its Letšeng mine. Sales plunged 51% to $51.9 million for the three months ending March 31, as the average...
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Mining
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May 12, 2019
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Rapaport News
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Large Stones Boost Gem Diamonds Results
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Gem Diamonds’ sales and profit increased in 2018 as the miner produceda record number of large stones at its Letšeng mine, including the 910-caratLesotho Legend. Revenue rose 25% to $267.3 million for the year, the...
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Mining
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Mar 13, 2019
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Rapaport News
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Letšeng Sales Fall Amid Lower-Quality Output
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Gem Diamonds’ sales slumped in the fourth quarter as theminer produced fewer valuable stones at its Letšeng mine. Proceeds fell 40% year on year to $41.7 million in the threemonths ending December 31, the miner said...
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Mining
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Feb 07, 2019
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Rapaport News
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Large Stones Prove Profitable for Gem Diamonds
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Gem Diamonds swung to a profit in the first half of theyear, boosted by the sale of large, high-quality stones from its Letšengmine in Lesotho. Profit was $24.2 million for the period ending June 30,versus a loss of $2.9...
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Mining
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Sep 05, 2018
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Rapaport News
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Large Stones Lift Gem Diamonds Results
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Revenue at Gem Diamonds rose in the first half of the yearas 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...
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Mining
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Aug 05, 2018
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Rapaport News
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910ct. Stone Fuels Gem Diamonds Sales
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Gem Diamonds’ revenue nearly tripled in the first quarteramid strong demand for its rough and the sale of the fifth-largest diamond inhistory. Revenue surged 174% year on year to $106.2 million for thethree months...
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Mining
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Apr 26, 2018
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Rapaport News
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Gem Diamonds Jumps Back into Black
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Gem Diamonds returned to profit last year, after thedevaluation of an underperforming mine drove it to a loss in 2016. The miner recorded a net profit of $17.2 million for 2017,versus a loss of $144.1 million in 2016, it said Wednesday. The 2016...
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Mining
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Mar 14, 2018
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Rapaport News
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910ct. Lesotho Diamond Sells for $40M
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Gem Diamonds has sold the Lesotho Legend, the 910-caratstone it unearthed at its Letšeng mine in January, for $40 million, the company said Tuesday. The miner claims the D color, type IIa stone —which...
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Mining
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Mar 13, 2018
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Rapaport News
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Big Stones Lift Gem Diamonds Results
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Improved production of large diamonds at the high-value Letšeng mine in Lesotho drove an increase in Gem Diamonds’ sales in 2017. Sales jumped 12% to $206.8 million for the year, the minersaid Friday. While the overall sales...
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Mining
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Feb 04, 2018
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Rapaport News
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