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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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Letšeng Sales Fall as Large-Diamond Output Drops
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Gem Diamonds said sales from its high-value Letšeng minefell 22 percent last year as the company extracted fewer large rough diamondsthan expected.Sales from the deposit in Lesotho slid to $184.6 million in2016, the miner...
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Mining
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Feb 06, 2017
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Rapaport News
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Letšeng's Rough Diamond Prices Soar in 1H
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Gem Diamonds more than doubled sales from its Letšeng mine in the first half of 2011 as prices for high-quality rough diamonds soared during the period. The company reported that Letšeng sales rose...
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Rough Markets
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Jul 25, 2011
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Avi Krawitz
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