Q3 Production at Gem Diamonds’ Letšeng Totals 25,559 Carats

Gem Diamonds Ltd. (LSE:GEMD) provided an interim management statement, commenting that it recovered 25,559 carats from its Letšeng mine in the third quarter of this year, up 9 percent from the previous quarter. It is also making good progress at Ghaghoo and had US$63.6 million in cash as of October 31, 2013.

Other Letšeng highlights include:

• Continued indication that the new cone crushers are having a positive impact on recoveries.
• An average value of US$ 2 022 per carat was achieved for the 2 exports in Q3 2013 (US$ 1 855 per carat in Q2 2013 and US$ 1 741 per carat in H1 2013).
• The October and November 2013 exports achieved an average of US$ 2 139 per carat and US$ 2 406 per carat respectively.
• 13 rough diamonds achieved a value in excess of US$ 1 million each during the Period, totalling 22 for the year to date.
• 26 rough diamonds produced which achieved prices greater than US$ 20 000 per carat in the Period (totalling 78 for the year to date).
• A total of 178 rough diamonds greater than 10.8 carats in size were recovered in the Period, equating to 77% of Letšeng’s revenue for the Period. (476 diamonds greater than 10.8 carats have been recovered for the year to date, totalling 73% of Letšeng’s revenue for the year to date).
• In July 2013 a 99.87 carat diamond sold for US$ 6.5 million, US$ 64 631 per carat; in September 2013 a 98.29 carat diamond sold for US$ 4.7 million, US$ 52 077 per carat; and in October 2013 a 12.47 carat blue diamond sold for US$ 7.5 million, a Letšeng record of US$ 603 047 per carat; and an 83 carat white diamond sold for US$ 4.8 million, US$ 59 173 per carat; and in November 2013 a 73.37 carat white diamond sold for US$ 43 766 per carat and a 32.41 carat white diamond sold for US$ 53 039 per carat.

Click here to read the full Gem Diamonds Ltd. (LSE:GEMD) press release.