Regardless of a 12% year-on-year lower in recovered carats to 41 695 ct for the primary six months of this yr, London-listed Gem Diamonds recorded a 33% year-on-year improve in gross sales worth to $59.5-million.
Though the variety of carat gross sales had decreased by 4% year-on-year to 42 624 ct for the six months to June 30, the value per carat had elevated by 38% year-on-year to $1 395/ct.
“Market costs for lower-quality, small, tough diamonds stay severely impacted by artificial diamonds. This has resulted in plenty of mines, with this specific measurement and high quality diamond footprint, suspending operations.
“Letšeng, with its distinctive high quality and huge diamond recoveries, nevertheless, has been much less impacted, with encouragingly sturdy demand resulting in an enchancment in costs in the course of the first half of the yr,” feedback CEO Clifford Elphick.
The diamond miner, which owns 70% of the Letšeng mine, in Lesotho, factors out that manufacturing for the primary half of this yr was primarily sourced from the lower-grade, lower-value Predominant Pipe, with a decrease contribution from the higher-grade, higher-value Satellite tv for pc Pipe, in accordance with the mine plan.
This resulted in a decrease grade total and, due to this fact, the decrease carat recoveries.
Manufacturing for the rest of the yr will likely be sourced solely from the Predominant Pipe, whereas preparations are made for the following cutback within the Satellite tv for pc Pipe, the miner notes.
