Gem Diamonds’ Annual Profit Falls 61 Percent on Weak Prices

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.

Click here to read the full Reuters report.