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Big-Stone Recoveries Return as Letšeng Reopens
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Gem Diamonds has recovered a number of large, high-quality stones at its Letšeng mine in Lesotho, all found in the first week after production resumed following the COVID-19 lockdown.They include a 60-carat, light-yellow, type I diamond, and...
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Mining
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May 05, 2020
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Rapaport News
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Gem Diamonds Restarts Letšeng Operations
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Gem Diamonds will recommence full operations at its Letšeng deposit in Lesotho after the government permitted the mining sector to reopen despite a national lockdown.The company will start production on Monday, implementing special health-and-safety measures...
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Mining
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Apr 26, 2020
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Rapaport News
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Heavy Debt Looms over Mining Shutdown
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A number of diamond-mining companies that have halted production during the COVID-19 crisis will find it difficult to resume operations amid their struggles with debt, analysts have predicted.The warning comes after several miners announced...
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Mining
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Apr 23, 2020
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Leah Meirovich
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Gem Diamonds Sales Drop in First Quarter
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Gem Diamonds’ revenue slipped in the first quarter, as the coronavirus weighed on the average price of rough diamonds from its Letšeng mine in Lesotho. “Prices for Letšeng’s diamonds have been negatively impacted in March 2020...
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Mining
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Apr 21, 2020
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Rapaport News
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Letšeng Average Price Drops 6% in 1Q
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Gem Diamonds’ average selling price fell 6% to $1,615 per carat in the first quarter compared with the previous three months, the company said Monday.The miner brought in $6.7 million from its second flexible...
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Mining
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Apr 06, 2020
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Rapaport News
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Gem Diamonds Flexible Tender Fetches $12M
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Gem Diamonds garnered $12.1 million from the sale of rough diamonds through its new flexible tender process.“The results of the initial round of the flexible tender sales process for a selection of Letšeng’s large diamonds...
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Mining
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Apr 01, 2020
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Rapaport News
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Gem Diamonds Tender Prices Drop 18%
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Prices at Gem Diamonds’ latest small-stone tender dropped 18% versus its previous sale in November due to the coronavirus pandemic and subsequent economic crisis, the company said Thursday.“The results of the Letšeng small-diamond tender...
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Mining
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Mar 19, 2020
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Rapaport News
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Production Continues as Miners Fight Virus Impact
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Alrosa, Petra Diamonds and Lucara Diamond Corp. are among the companies putting special procedures in place in preparation for a possible coronavirus outbreak, while still continuing operations at their mines.Alrosa, which has not had...
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Mining
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Mar 19, 2020
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Leah Meirovich
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Gem Diamonds Profit Falls in 2019
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Gem Diamonds’ profit dropped last year amid lower large-stone recoveries and a drop in the average price.Profit for the year fell 77% to $10.6 million, compared with $46.6 million the previous year, the...
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Mining
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Mar 12, 2020
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Rapaport News
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Gem Diamonds Retrieves Another Five Big Stones
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Gem Diamonds has recovered five large, high-quality stones at its Letšeng mine in Lesotho, continuing a strong first quarter for the company’s production.The company unearthed four white diamonds weighing 88, 56, 53 and 33 carats...
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Mining
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Mar 08, 2020
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Rapaport News
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Letšeng Mine Yields 114ct. Rough
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Gem Diamonds has recovered a white diamond weighing 114 carats at its Letšeng mine in Lesotho, the second stone over 100 carats the miner has found this year, it said Tuesday.The company unearthed the...
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Mining
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Mar 04, 2020
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Rapaport News
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Gem Diamonds Sees Sales Decline in 2019
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A drop in the recovery of large stones and a decline in the average price achieved for rough from the Letšeng mine led to a decline in sales for Gem Diamonds in 2019.Proceeds fell 32% to $182.1 million, the miner...
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Mining
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Feb 16, 2020
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Rapaport News
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Gem Diamonds Unearths 183ct. Rough
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Gem Diamonds has recovered a white diamond weighing 183 carats at its Letšeng mine in Lesotho, the first stone over 100 carats the miner has found this year.The company unearthed the type IIa,...
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Mining
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Feb 04, 2020
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Rapaport News
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Gem Diamonds Digs Up 114ct. Yellow
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Gem Diamonds has recovered a 114-carat yellow diamond at itsLetšeng mine in Lesotho, the fourth of that color above 100 carats this year. The miner found the type I stone on Monday, a week afterunearthing a 93.5-carat, high-quality...
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Mining
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Dec 10, 2019
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Rapaport News
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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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Letšeng Yields Two Diamonds Above 100ct.
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Gem Diamonds has recovered two diamonds weighing more than100 carats from its Letšeng mine in Lesotho. The miner found a 120-carat, high-quality, white, type IIa diamond onNovember 20, and a 125-carat, low-quality stone...
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Mining
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Nov 24, 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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Letšeng Yields 161ct. Rough
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Gem Diamonds has recovered a diamond weighing 161carats from its Letšeng mine in Lesotho. The miner found the “high-quality” white, type IIa stone onOctober 28, it said. Including this rough, Gem Diamonds has...
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Mining
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Oct 29, 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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Gem Diamonds Unearths 127ct. Rough
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Gem Diamonds has recovered a diamond weighing 127 caratsfrom its Letšeng mine in Lesotho. The miner found the D-color, type II stone on September 11,it said Monday. The diamond is the fourth white stone of that...
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Mining
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Sep 18, 2019
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Rapaport News
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