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Gem Diamonds lowers sales outlook, renews Letšeng mine lease

07 november 2019

gem_diamonds_logo.pngGem Diamonds, which owns the Letšeng mine in Lesotho, has reduced its outlook on diamond sales due to the lower contribution from the higher-grade Satellite pipe.
It is now expecting to sell between 111, 000 and 113, 000 carats in 2019 from the previous guidance of between 115,000 and 119,000 carats.
Gem Diamonds said the overall impact on carats recovered for the year remain unchanged between 114 000 and 118 000 carats.
The company said it sold 25,631 carats during the third quarter ending September 30, down 10% from 28,379 carats in the second quarter.
Its diamond prices eased by 6% to $1,417 per carat from the previous $1,501.
"Prices for smaller and commercial type goods remain under pressure with polished inventory levels remaining high," it said.
"Larger high-quality diamonds have also experienced some price pressures in 2019, contributing to the lower prices achieved during the period."
Production from Letseng was up 1% to 27,539 carats in the third quarter from 27,210 carats in second quarter. 
Meanwhile, Gem Diamonds said it has renewed the lease for its 70%-owned Letseng mine with the government of Lesotho for a further 10 years.

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