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Gem Diamonds
Gem Diamonds Firm on No-Dividend Policy
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...
Mining Dec 01, 2019 Rapaport News
Gem Diamonds
Gem Diamonds Lowers Full-Year Outlook
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...
Mining Nov 06, 2019 Rapaport News
Letseng diamonds
Lesotho Renews Letšeng Lease
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...
Mining Oct 06, 2019 Rapaport News
Gem Diamonds
Large-Stone Recoveries Fall at Gem Diamonds
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...
Mining May 12, 2019 Rapaport News
Gem Diamonds
Large Stones Boost Gem Diamonds Results
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...
Mining Mar 13, 2019 Rapaport News
Gem Diamonds
Letšeng Sales Fall Amid Lower-Quality Output
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...
Mining Feb 07, 2019 Rapaport News
Gem Diamonds Letseng
Large Stones Prove Profitable for Gem Diamonds
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...
Mining Sep 05, 2018 Rapaport News
910ct 600
Large Stones Lift Gem Diamonds Results
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...
Mining Aug 05, 2018 Rapaport News
910ct. Stone Fuels Gem Diamonds Sales
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...
Mining Apr 26, 2018 Rapaport News
Gem Diamonds 150
Gem Diamonds Jumps Back into Black
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...
Mining Mar 14, 2018 Rapaport News
910ct. Lesotho Diamond Sells for $40M
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...
Mining Mar 13, 2018 Rapaport News
Gem Diamonds 150
Big Stones Lift Gem Diamonds Results
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...
Mining Feb 04, 2018 Rapaport News
Letseng 910ct
Historic 910ct. Diamond Unearthed at Letšeng
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...
Mining Jan 15, 2018 Rapaport News
Clifford Elphick Gem Diamonds
Gem Diamonds Enjoying Large-Stone Boom
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...
Mining Nov 07, 2017 Joshua Freedman
Gem Diamonds large rough
Large-Stone Demand Boosts Letšeng Results
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...
Mining Oct 31, 2017 Rapaport News
Gem Diamonds rough
Israel to Host High-Value Letšeng Rough
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...
Rough Markets Sep 14, 2017 Rapaport News
Letseng mine Gem Diamonds
Large Diamonds Boost Letšeng Prices
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...
Mining Jul 25, 2017 Rapaport News
Gem Diamonds Letseng 98ct. rough May 2017
Letšeng Yields 98ct. Rough Diamond
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...
Retail May 23, 2017 Rapaport News
Gem Diamonds 80ct rough
Letšeng Yields High-Quality 80ct. Diamond
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...
Mining May 04, 2017 Rapaport News
Clifford Elphick Gem Diamonds
Gem Diamonds Scraps Bonuses After Weak 2016
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...
Mining Mar 15, 2017 Rapaport News
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