Flexible tender sales process for selected Letšeng large diamonds


Gem Diamonds Limited (LSE: GEMD) announces that the second round of the Letšeng flexible tender sales process has concluded and raised a further US$6.7 million for a selection of Letšeng’s large, high quality diamonds.  The conclusion of the latest flexible tender sales process sees the Company achieving an average value of US$1 615 per carat for Q1 2020 (US$ 1 713 per carat in Q4 2019).

The flexible tender sales process was put in place as a result of the March large diamond tender being cancelled due to the travel and other Covid19 restrictions imposed by the Belgian government and the governments of the Company's clients. The flexible tender sales process will continue during the period of these restrictions.

Clifford Elphick, CEO of the Company, commented:

“The second round of the recently introduced flexible tender sales process again demonstrates the ongoing demand for Letšeng’s large, high quality diamonds.  This is further reflected in the Q1 2020 average value of US$1 615 per carat.”

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.  The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

For a full description of the steps taken regarding the prevention of the Covid19 disease see the Company’s website at www.gemdiamonds.com

For further information:

Gem Diamonds
Susan Wallace, Company Secretarial department

Celicourt Communications
Mark Antelme / Joanna Parker
Tel: +44 (0) 208 434 2643

About Gem Diamonds:
Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho. The Letšeng 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.  www.gemdiamonds.com