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Gem Diamonds’ Annual Profit Falls 61 Percent on Weak Prices
Mar. 12, 2013 06:19PM PST
Gem InvestingReuters reported that weak diamond prices brought Gem Diamonds Ltd.’s (LSE:GEMD) full-year core earnings down to $65.5 million, significantly lower than the previous year.
Reuters reported that weak diamond prices brought Gem Diamonds Ltd.’s (LSE:GEMD) full-year core earnings down to $65.5 million, significantly lower than the previous year.
As quoted in the market news:
The miner sold 107,617 carats at an average price of $1,932 per carat from its Lesotho-based Letseng mine, known for its large high-value diamonds. This compares with sales of 107,700 carats at an average price of $2,776 per carat in 2011.