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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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Historic 910ct. Diamond Unearthed at Letšeng
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Gem Diamonds has recovered a 910-carat diamond from its Letšeng mine in Lesotho, claiming it's the fifth-largest rough ever found. “This is a landmark recovery for all of Gem Diamonds’ stakeholders, including our employees, shareholders...
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Mining
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Jan 15, 2018
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Rapaport News
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Gem Diamonds Enjoying Large-Stone Boom
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As a producer of large rough stones, Gem Diamonds relieson high-end consumer demand more than many companies in the industry do.Fortunately for the London-based miner, the recovery of the Asian market thisyear has ensured strong...
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Mining
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Nov 07, 2017
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Joshua Freedman
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Large-Stone Demand Boosts Letšeng Results
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Sales from the high-value Letšeng mine rose sharply inthe third quarter as improved demand for high-value rough diamonds boosted prices, owner Gem Diamonds reported Tuesday.Letšeng sales grew 19% year on year to $48.1...
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Mining
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Oct 31, 2017
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Rapaport News
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Israel to Host High-Value Letšeng Rough
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Gem Diamonds will bring viewings of rough diamonds from thehigh-value Letšeng mine to Israel next month, after previously only offeringits goods in Antwerp.The first viewings, mainly featuring stones above 10.8 carats fromthe deposit...
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Rough Markets
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Sep 14, 2017
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Rapaport News
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Large Diamonds Boost Letšeng Prices
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Gem Diamonds said the average selling price for roughdiamonds from its Letšeng mine grew 20% in the first half as the companyrecovered more large diamonds than a year ago. Production from the high-value...
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Mining
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Jul 25, 2017
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Rapaport News
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Letšeng Yields 98ct. Rough Diamond
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Gem Diamonds has discovered a 98.42-carat rough diamond atits Letšeng mine in Lesotho, the company said Tuesday.The miner will sell the D-color, type-II diamond in June,alongside an 80.58-carat stone unearthed earlier this month. During...
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Retail
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May 23, 2017
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Rapaport News
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Letšeng Yields High-Quality 80ct. Diamond
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Gem Diamonds has discovered an 80-carat rough stone thatit has described as one of the highest-quality diamonds ever found at itsLetšeng mine in Lesotho.The D-color, type-II diamond is relatively small comparedwith some of the huge stones the...
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Mining
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May 04, 2017
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Rapaport News
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Gem Diamonds Scraps Bonuses After Weak 2016
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Gem Diamonds’ senior managers missed out on their performance-relatedpay last year, as the miner slid to a loss in 2016.Clifford Elphick, Michael Michael and GlennTurner – respectively the company’s chief executive officer, chief financialofficer and legal...
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Mining
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Mar 15, 2017
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Rapaport News
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