Pavel Sokolov: Every stone has its beauty

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Today

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Gem Diamonds Q1 revenue jumps 24% to $52 mln

13 may 2019

news_21062018_gem.pngGem Diamonds’ revenue from diamonds sold in the first quarter jumped 24% to $51.9 million from $41.7 million realised in the fourth quarter of 2018.
The company sold 27 335 carats in the first quarter, an 18% drop compared with 33 140 carats sold the previous quarter.
Gem Diamonds said the highest price achieved during the period under review was for a 70.69 carat white diamond that was sold for $48 225 per carat.
A 13.33 pink diamond was also sold for $8 750 360, achieving a Letšeng record price of $656 933 per carat.
“Sales of Letšeng's rough production continued to realise good prices achieving an average price of US$ 1 900 per carat during the quarter,” said company chief executive Clifford Elphick.
Meanwhile, Gem Diamonds said its diamond detection pilot plant project remains on target to be commissioned at the end of the second quarter.
“Construction and set-up have commenced on site,” it said.
“This project supports the continuing strategy of early detection of large diamonds and diamond damage reduction.”

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