Gem Diamonds has said that it has raised US$12.1 million from the first round of the Letšeng flexible tender sales process that it has put in place for large, high-quality diamonds. The round concluded on March 26.

The company said that the rough diamonds it had showcased were those that has attracted significant demand during the viewings held before the original large diamond tender had to be suddenly cancelled.

The previously announced flexible tender sales process was put in place as a result of cancellation due to the travel and other Covid19 restrictions imposed by the Belgian government and the governments of the Company's clients, it said.

While announcing the change in its plans, Gem Diamonds had said that the process would include direct sales and also partnership arrangements. It had also clarified that any diamonds which are not sold under this process would be held over for sale at a later date.

The flexible tender sales process will continue during the period of these restrictions, the Company explained.

Clifford Elphick, CEO, commented: “The results of the initial round of the flexible tender sales process for a selection of Letšeng’s large diamonds demonstrates the continued demand for these high quality diamonds. The US$12.1m raised from the sale maintains revenue and cashflow during the current challenges of the Covid19 global pandemic”.