GEM DIAMONDS’ PRODUCTION UP SHARPLY IN Q3 2018
Gem Daimonds, which operates the Letšeng mine in Lesotho, has published its production and sales performance report for Q3 (July 1 to September 30, 2018), showing a rise of 27% in diamond production at Letšeng totaling 35,755 carats. Revenue for the period totaled $21 million, including the sale of eight diamonds for more than $1 million each.
During the period, Gem Diamonds recovered two diamonds greater than 100 carat diamonds, bringing the number of diamonds greater than 100 carats recovered during 2018 to 13. The miner approved a $3 million pilot plant to be constructed at Letšeng, expected to be commissioned during Q2 2019.
Gem Diamonds also reported that the demand and prices for Letšeng’s large high-quality white rough diamonds has remained “firm” during the period. The highest diamond price achieved was $60,428 per carat for a 138.20 carat, Type IIa, white diamond. Gem Diamonds also said that it has revised its 2018 production guidance upwards.