Gem Diamonds boosts output, sales

Gem Diamonds has produced 23 435 carats in the third quarter of the year, resulting in 82 266 carats recovered for the year to date, a 14% jump compared to 72 403 carats, a year earlier.
"During the quarter, diamonds recovered were of a relatively lower quality for Letšeng's normal Run of Mine production,” said company chief executive Clifford Elphick.
“Notwithstanding that, prices achieved for these goods were strong reflecting the continued good demand and market prices paid for Letšeng category diamonds.”
The company also sold 84 906 carats for the year to date, 20% higher compared to 70 559 carats sold the previous year.
Gem Diamonds achieved an average price of $1 782 per carat against $1 908 per carat in 2020.
The highest price per carat achieved in the period was $88 889 per carat for a 4.41-carat light blue diamond while the highest price per carat achieved in the period for a white Type IIa diamond was $47 574 per carat for a 65-carat diamond.
Gem Diamonds said good prices achieved in the September tender for Letšeng's high-value diamonds reflected a continued recovery of the diamond market which was supported by strong consumer demand.
Meanwhile, it lowered its production guidance for the full year to between 110 000 carats and 114 000 carats, compared with the previously guided 123 000 carats to 127 000 carats.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished