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GEM DIAMONDS OPTIMISTIC ABOUT LARGE DIAMONDS’ PRICES DESPITE MARKET

Gem Diamonds got 10% more in H1 2019 for each carat sold, compared to H2 2018
gem diamonds letseng mine
Credit: Gem Diamonds

Gem Diamonds, which operates the Letšeng diamond mine in Lesotho, has published its sales performance for the first half of the year (ended June 20, 2019). Gem Diamonds sold 55,714 carats during the period, achieving an average price of $1,697 per carat – 10% more than the average price for H2 2018. Revenue for the period totaled $41.6 million.

 

Letseng mine
Credit: Gem Diamonds

 

During the period, the miner sold a 13.32-carat pink diamond for a Letšeng record of $656,934 per carat, and recovered three diamonds greater than 100 carats. It sold 15 diamonds for more than $1 million each. Gem Diamonds added that it is on track to deliver its targeted $100 million “in incremental revenue, productivity improvements and cost savings over the 4-year period to end 2021”.

 

gem diamonds letseng mine
Credit: Gem Diamonds

 

Gem Diamonds concluded by announcing that prices for the smaller and commercial goods “have been under pressure for some time with the larger goods having been less affected, although showing recent signs of weakness”. However, the miner expects “Letšeng’s unique, ultra-high-quality goods to be less vulnerable over time to market pressures”.



Tags: Diamonds News, Diamond Industry News, Diamond Prices News, Gem Diamonds News

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