Gem Diamonds has put its Ghaghoo mine in Botswana and placed it on “care and maintenance”, halting all work over the fall in diamond prices in 2016, Gem konnect reports.
According to the report, Gem Diamonds said that “given the fall in diamond prices from $210 per carat at the outset of 2015 to $142 per carat at its December 2016 sale, it has decided to stop operations in the mine, “which is yet to reach full commercial production”.
Gem Diamonds has already taken a $40 million write-down on the mine, “which has been technically difficult to construct”, says the report.
