Gem Diamonds� Revenue up 54% to $149m

Ghaghoo Mine
Ghaghoo Mine

Gem Diamonds, promoters of Ghaghoo Mine in the CKGR, reported that revenue rose 54 percent year on year to $148.9 million in the first half of 2014, driven by an increase in carat volume sales coupled with higher diamond prices. The mining company’s profit more than doubled to $19.7 million, while earnings jumped 87 percent to $62.2 million for the period.

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.

Editor's Comment
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