Gem Diamonds has raked in $7.8 million from the Letseng small diamond tender, which closed in Antwerp on Wednesday.
However, the tender was 18% below the like for like prices reached at the last small diamond tender held in November 2019 before the Covid19 coronavirus economic crisis.
Image credit: Gem Diamonds
"The results of the Letseng small diamond tender are resilient given the difficult circumstances under which the tender was held caused by the ongoing Covid19 situation,” said company chief executive Clifford Elphick.
“We look forward to proceeding with the flexible sales processes in respect of the Letseng large diamond parcel which contains many high quality diamonds."
Meanwhile, Gem Diamonds said its Letseng large diamond tender, which commenced on 16 March and was due to have closed next week on 25 March, has been cancelled due to the Covid19 coronavirus.
Travel and other restrictions imposed by the Belgian government and the governments of the company's clients to prevent the outbreak of has made it impossible for the auction to go ahead.
Gem said a flexible direct sale process has been put in place for large and high quality diamonds.
This sales process, it said, will include direct sales and also partnership arrangements.
“Any diamonds which are not sold under the flexible sales process will be held over for sale at a later date,” said the company.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
