Gem Diamonds Limited Sale of the 198 carat Letseng diamond (0194T)
October 01 2014 - 02:00AM
UK Regulatory
TIDMGEMD
RNS Number : 0194T
Gem Diamonds Limited
01 October 2014
01 October 2014
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
Sale of the 198 carat Letšeng diamond
Gem Diamonds Limited (LSE: GEMD) is pleased to announce the sale
of the 198 carat white diamond (which recovery was announced on 5
August 2014) for US$ 10.6 million (US$ 53 746 per carat) in
accordance with its colour, clarity and expected polished yield at
Letšeng's September tender.
Gem Diamonds CEO, Clifford Elphick stated:
"The sale of this large, high quality white diamond demonstrates
the continued robust demand for large high quality diamonds."
For further information:
Gem Diamonds Limited
Sherryn Tedder, Investor Relations
Tel: +44 (0) 203 043 0280
Mob: +44 (0) 7778 246 321
Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 203 772 2500
About Gem Diamonds:
Gem Diamonds is a leading producer of high value diamonds. The
Company owns 70% of the Letšeng mine in Lesotho (30% held by the
Government of Lesotho); as well as the Ghaghoo mine in Botswana.
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. Since Gem Diamonds'
acquisition of Letšeng in 2006, the mine has produced four of the
top twenty largest white gem quality diamonds recorded.
Gem Diamonds has a growth strategy based on the expansion of the
Letšeng mine and the development of the Ghaghoo mine, 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 diamond industry over the medium
to long term, particularly at the high end of the market, this
strategy positions the Company well to generate attractive returns
for shareholders in the coming years.
www.gemdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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