RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Letšeng Pink Sells for Almost $9M

Per-carat price of $656,933 breaks company record.
Mar 14, 2019 9:33 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Gem Diamonds has announced the sale of a 13.33-carat pink diamond, discovered in February at its mine in Lesotho, for $8.8 million.

The tender sale, which took place in Antwerp, represents a record per-carat price of $656,933 for the company, it said Thursday.

The result builds on a successful 2018 for Gem Diamonds, which more than doubled its profits to $46.6 million, it reported. The miner said this was due to a record number of large stones recovered at the Letšeng mine, with its haul of diamonds weighing more than 20 carats rising 21% to 257.

Last year, it sold 44 diamonds for more than $1 million, achieving a total of $137.2 million. This includes the Lesotho Legend, which garnered $40 million last March.

Despite its positive financial results, Gem Diamonds failed to declare a dividend for 2018, saying its priority was strengthening its financial position given the uncertainty of the current diamond market.

Image: The pink diamond. (Gem Diamonds)
Tags: Antwerp, Gem Diamonds, Letšeng, Letšeng mine, mining, pink, Pink Diamond, Rapaport News, rough, Rough Diamonds, tender
Similar Articles
Mountain ProvinceMountain Province Faces Nasdaq Delisting
Aug 14, 2019
Mountain Province has been given six months toraise its...
Hong Kong Polished Imports Slide
Angola Sees Rise in Diamond Revenue
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us