Gem Diamonds, which owns 70% of the Lesotho-based Letšeng mine, has announced its productions and sales report for the three months ended March 31, 2018, showing an increase in production of 32% year-on-year to 33,526 carats. During the period, the Lesotho government announced its intention to renew the miner’s Letšeng mining lease until 2034.
According to Gem Konnect, Gem Diamonds sold 32,412 carats during the quarter – a 38% year-on-year increase and a 3% quarter-on-quarter increase. Prices improved by 98% year-on-year to $3,276 per carat.
According to CEO Clifford Elphick, the rise “is owing to the improvement in the frequency of large diamond recoveries during the period, with seven diamonds greater than 100 carats recovered in the quarter”.
