SALE OF THE 357CT LETÅ ENG DIAMONDBack
14 Sep 2015
Gem Diamonds Limited (LSE: GEMD) is pleased to announce the sale of an exceptional 357carat white diamond (recovered at the LetÅ¡eng mine in July 2015) which achieved US$ 19.3 million on tender in Antwerp last week.
Gem Diamonds CEO, Clifford Elphick stated:
"The LetÅ¡eng mine has produced two remarkable +300 carat diamonds during the year to date. The 314 carat diamond, which was recovered in May 2015 and sold into a partnership arrangement in June 2015, and the 357 carat diamond which was sold on tender in September 2015 for US$19.3 million. Both of these diamonds achieved top prices despite current market conditions, providing further evidence of the price resilience of LetÅ¡eng's large top quality diamonds."
FOR FURTHER INFORMATION:
Gem Diamonds Limited
Sherryn Tedder, Investor Relations
Tel: +44 (0) 20 3043 0280
Daniel Thole/ Joanna Boon
Tel: +44 (0) 20 3772 2500
ABOUT GEM DIAMONDS:
Gem Diamonds is a leading global diamond producer of high value diamonds. The company owns 70% of the LetÅ¡eng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The LetÅ¡eng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of LetÅ¡eng in 2006, the mine has produced four of the twenty largest white gem quality diamonds ever recorded.
Gem Diamonds has a growth strategy based on the expansion of the LetÅ¡eng mine and bringing the Ghaghoo mine into production, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the industry over the medium to long term, particularly at the high end of the market supplied by Gem Diamonds, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.