Gem Diamonds Provides Update on Sales and Operational Performance

Gem Diamonds Limited (LSE:GEMD) provided an update of operational performance for the period 1 January 2015 to 30 April 2015 (the Period) and sales performance for the period 1 January 2015 to 20 May 2015 (Year to Date).

As quoted in the press release,

An average of US$ 2 146¹ per carat was achieved for the first three tenders of 2015 (US$2 140¹ per carat in Q4 2014)

A 314 carat Type IIa white diamond was recovered during the Period and was sold into a partnership arrangement in May 2015

Gem Diamonds’ CEO, Clifford Elphick, stated:

It is pleasing to see that the prices achieved for the first three Letšeng tenders of 2015 are on a par with those of Q4 2014, despite a noticeably weaker overall market for Q1 2015 as reported by other diamond producers. Moreover, the recovery of a 314 carat white diamond, which was virtually undamaged, and three other diamonds of over 100 carats underscores the technical advances made in reducing diamond damage. The 19 -day shutdown of Plant 2 to accommodate the upgrade of the plant was accomplished as planned.

Click here for the full Gem Diamonds Limited (LSE:GEMD) press release