Gem Diamonds Limited Sale of the 357ct Letseng diamond (8814Y)
September 14 2015 - 2:00AM
UK Regulatory
TIDMGEMD
RNS Number : 8814Y
Gem Diamonds Limited
14 September 2015
14 September 2015
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
Sale of the 357ct Letšeng diamond
Gem Diamonds Limited (LSE: GEMD) is pleased to announce the sale
of an exceptional 357carat white diamond (recovered at the Letšeng
mine in July 2015) which achieved US$ 19.3 million on tender in
Antwerp last week.
Gem Diamonds CEO, Clifford Elphick stated:
"The Letšeng 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 Letšeng's large top quality
diamonds."
For further information:
Gem Diamonds Limited
Sherryn Tedder, Investor Relations
Tel: +44 (0) 20 3043 0280
Bell Pottinger
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 Letšeng mine in Lesotho and
100% of 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 twenty largest white gem
quality diamonds ever recorded.
Gem Diamonds has a growth strategy based on the expansion of the
Letšeng 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.
www.gemdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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