Gem Diamonds Limited reported that the average price per carat achieved at its Letšeng project in Lesotho rose to US$ 1,779 per carat during the first six months of 2017, a 20% rise as compared to the US$ 1,480 achieved during the preceding six month period (H2 2016) on account of an improvement in the number of over 100 carat stones recovered.

Releasing its Trading Update for the period, Gem Diamonds said that it had recovered four diamonds greater than 100 carats in the six months. In addition, two more exceptional diamonds of 98.42 and 80.58 carat, both D-colour Type IIa diamonds, were recovered.

Total recovery during the period was 50,478 carats at a grade of 1.59cpht. 18 diamonds sold for more than US$ 1.0 million each, generating revenue of US$ 37.0 million.

After June 30, an exceptional 126.75 carat D-colour Type IIa diamond was also recovered.

Gem Diamonds’ CEO, Clifford Elphick commented, “The improvement in the greater than 100 carat diamond recoveries at Letšeng is encouraging. The market for Letšeng’s high-quality diamonds has remained firm, with the last tender of the period achieving over US$ 2,200 per carat. This positive trend has continued with the most recent July tender achieving an average price of US$ 2,385 per carat. A Group-wide, externally supported cost efficiency and bench-marking review has commenced and has already identified opportunities that are being actively pursued. Further progress on this review will be reported on during Q4.”