Gem Diamonds� Revenue up 54% to $149m

The company noted that the first half of 2014 experienced strong demand for rough diamonds from its Letšeng mine, and, in particular, for the mine’s renowned large, high-quality diamonds. The company held five Letšeng tenders during the period, achieving $147.8 million or an average price of $2,747 per carat, compared with an average price of $1,741 per carat achieved in the same period one year ago. The fifth tender alone achieved $45.6 million, with an average price of $3,277 per carat.

Three diamonds larger than 100 carats, including a 162.02-carat stone, a 161.31-carat diamond and a 132.55-carat diamond, were recovered during the period and achieved a total sales value of $21 million. Gem Diamonds anticipates that the second half of the year will experience strong price dynamics from robust long term demand  from non-traditional markets in Asia and strength in traditional markets alongside limited growth in supply.