After trying to offload it for four years, Gem Diamonds finally sold its Ghaghoo mine in Botswana. According to Diamond World, Gem Diamonds sold the mine for $4 million to Okwa Diamonds, a company owned by Vast Resources and Botswana Diamonds.
Ghaghoo was opened in 2014. Between early 2015 and late 2016, the average price for its rough slid from $210 to $142 per carat. Consequently, the mine was put into “care and maintenance” status in March 2017.
Botswana Diamonds managing director James Campbell noted: “We have completed thorough due diligence on Ghaghoo. We believe there are significant opportunities to improve Ghaghoo’s operating and financial performance through both the application of new, and optimization of existing, technologies, along with a strongly recovering diamond market.”
