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Gem Diamonds Raises $12.1 Million Through Flexible Tender Sale

The sale “maintains revenue and cash flow during the global pandemic”
gem diamonds 114 carat diamond
Credit: Gem Diamonds

After cancelling its March tender due to travel restrictions in the wake of the coronavirus spread, Gem Diamonds has raked in $12.1 million from its first round of the Letšeng flexible tender sales process, Rough & Polished reports.

 

Gem Diamonds Letseng mine
Credit: Gem Diamonds

 

The flexible tender, which concluded on March 26, signals “the continued demand” for “high quality diamonds” from Letšeng, said Gem Diamonds’ CEO Clifford Elphick. He added: “The $12.1 million raised from the sale maintains revenue and cash flow during the current challenges of the Covid19 global pandemic”.

 

gem diamonds letseng mine
Credit: Gem Diamonds

 

Recently, Gem Diamonds announced its full year results for 2019, reporting revenue of $182 million – a sharp drop compared to the $267.3 million it raked in 2018. Profit plummeted to $15 million, compared with $52.4 million in 2018. During the year, the miner’s Letšeng mine in Lesotho produced 113,974 (compared with 126,875 carats in 2018). Average price per carat was $1,637 (compared with $2,131 per carat in 2018).



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