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Gem Diamonds Notes Solid Rough Demand

Average prices rise 1% in first half; market improves at Antwerp tender.
Jun 18, 2020 5:26 AM   By Rapaport News
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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 large diamonds are positive,” Gem Diamonds CEO Clifford Elphick said Thursday. “With certain stones selling above their anticipated post-Covid-19 valuations, it is clear that there is a good level of demand for the high-quality Letšeng diamonds.”

Rough from the mine in Lesotho fetched an average of $1,707 per carat for the first half, a 1% increase versus the same period of 2019. The figure also rose 13% compared with $1,506 for the second half of last year.

The company recently closed its June tender, which took place in Antwerp in compliance with Covid-19 safety rules. The event included the sale of a 13-carat, pink diamond for $40,110 per carat, and a 61-carat, white, type II diamond for $31,400 per carat.

A total of 15 diamonds sold for at least $1 million each during the first half, with one diamond going for more than $5 million.

Image: Gem Diamonds’ Letšeng mine in Lesotho. (Gem Diamonds)
Tags: Antwerp, Belgium, Clifford Elphick, Coronavirus, COVID-19, Gem Diamonds, Lesotho, Letšeng, mining, Rapaport News, rough, Rough Diamonds, rough market, rough sales
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