Gem Diamonds Limited’s revenue for the year 2015 was $249.5 million, marking a decline of 8% from revenue of $270 million in 2014, according to IDEX Online. Despite the fall in revenue, profits for the company, which owns the Letseng Mine in Lesotho, increased to $67.4 million, marking a 12% increase compared to 2014.
“It is pleasing to see that the prices achieved for Letseng’s diamonds during 2015 have remained robust despite the sharp downturn in the global market. The world class, high quality diamonds, for which Letseng is renowned, have contributed to the strong results at an average price of $2,299 per carat for the year,” said Gem Diamonds CEO Clifford Elphick.
A depressed global diamond market had impacted prices of diamonds produced at Gem Diamond’s Ghaghoo mine in Botswana, reports IDEX Online, adding that while Ghaghoo remained a key future option for the group, it would be downsized to reduce cash consumption.
