Regardless of a 12% year-on-year lower in recovered carats to 41 695 ct for the primary six months of this 12 months, London-listed Gem Diamonds recorded a 33% year-on-year enhance in gross sales worth to $59.5-million.
Though the variety of carat gross sales had decreased by 4% year-on-year to 42 624 ct for the six months to June 30, the value per carat had elevated by 38% year-on-year to $1 395/ct.
“Market costs for lower-quality, small, tough diamonds stay severely impacted by artificial diamonds. This has resulted in quite a few mines, with this specific dimension and high quality diamond footprint, suspending operations.
“Letšeng, with its distinctive high quality and enormous diamond recoveries, nevertheless, has been much less impacted, with encouragingly sturdy demand resulting in an enchancment in costs through the first half of the 12 months,” feedback CEO Clifford Elphick.
The diamond miner, which owns 70% of the Letšeng mine, in Lesotho, factors out that manufacturing for the primary half of this 12 months was primarily sourced from the lower-grade, lower-value Most important Pipe, with a decrease contribution from the higher-grade, higher-value Satellite tv for pc Pipe, in accordance with the mine plan.
This resulted in a decrease grade total and, due to this fact, the decrease carat recoveries.
Manufacturing for the rest of the 12 months will probably be sourced solely from the Most important Pipe, whereas preparations are made for the following cutback within the Satellite tv for pc Pipe, the miner notes.
