(IDEX Online) - Gem Diamonds achieved an average price of $2,217 per carat for its fourth quarter ending 31 December, up 19% from the third quarter, aided by a strong rise sales and the recovery of many diamonds greater than 100 carats at its Letseng mine in Lesotho.
It sold 31,476 carats during the period, up 21% from 25,909 carats in Q3 2017, and recovered seven gem quality diamonds greater than 100 carats during 2017 of which the largest was a 202.16 carat Type IIa diamond, recovered in November.
It sold 38 diamonds for more than $1 million each, generating revenue of $94.8 million during 2017. This is an improvement on 2016 where 34 diamonds sold for more than $1 million each, generating revenue of $73.7 million.
Gem Diamonds' CEO Clifford Elphick commented: "The recovery of the 910 carat diamond is a landmark for all of Gem Diamonds' stakeholders, including our employees, shareholders and the government of Lesotho, our partner in the Let??eng mine. It is also encouraging to see that the improvement in the recovery of greater than 100 carat diamonds is continuing into 2018, with five greater than 100 carat diamonds recovered in the first month of 2018. This is largely attributable to the ongoing technical improvements made at the Let??eng mine."