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Today

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India’s gem and jewellery industry expects the government will consider its demand for lower import duty on raw materials

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25 march 2019

Gem Diamonds boosts 2018 output

07 february 2019

news_21062018_gem.pngGem Diamonds said output at its 70 percent-owned Letšeng mine, in Lesotho rose 13% to 126, 875 carats in 2018 compared with 111,811 carats, a year earlier.
Company chief executive Clifford Elphick said 2018 was unique as they recovered 15 diamonds greater than 100 carats, breaking a recorded registered in 2015 when it found 11 diamonds of the same size.
Production in 2018 also included a record number of diamonds greater than 20 carats recovered in a single year, he said.
Elphick said the revised mine plan resulted in a significant reduction in Letšeng's overall stripping ratio due to steeper slope angles, which was expected to result in a significantly improved net present value of the mine.
“Good progress has been made on the business transformation process which remains on track to achieve its cumulative 4-year target of $100 million, with already implemented initiatives expected to deliver $60 million over the 4-year target period," he said.
Gem said the highest diamond price achieved during the fourth quarter was $64, 067 per carat for a 4.06 carat, pink diamond, which was also the highest price per carat achieved in 2018. 
It said a strong pricing was achieved at the first tender of 2019, with an average price of $2 004 per carat.
This was due to an improved quality in production.

Mathew Nyaungwa, Editor in Chief of the African Bureau, from Cape Town, South Africa, Rough&Polished