Archive

  • Gem Diamonds this morning announced the recovery of an exceptional quality 910-carat, D color Type IIa diamond from the Letšeng mine in Lesotho, making it the fourth or fifth largest gem-quality diamond ever recovered in history and the second largest in a century, behind only Lucara Diamonds' 2015 discovery of the 1,009-carat Lesedi La Rona.

  • Gem Diamonds has announced the recovery of high-quality 117 and 110-carat, D colour Type IIa diamonds from the Letšeng mine in Lesotho, famed for its large, Type IIa stones that often achieve the highest dollar per carat rough prices in the world. The London-based company recovered seven such stones in 2017 after unearthing only five in 2016. 

    At their summer tender in 2017, Gem Diamonds achieved an average price of $2,397 per carat, making it the highest achieved dollar value per carat for a tender since September 2015. 

  • In Gem Diamonds’ Half Year 2017 results, announced on 17 August 2017, shareholders were notified that an offer to acquire 100% of the Ghaghoo asset ("Ghaghoo") had been received and was being considered by the Board.
    Discussions have not resulted in agreement between parties and this offer has been withdrawn, the company announced this morning.

  • Gem Diamonds announced the recovery of a high-quality 202-carat, D color Type IIa diamond from the Letšeng mine in Lesotho. It is the seventh diamond of over 100 carats to be recovered to date in 2017 from Letšeng. In 2016, Gem Diamonds unearthed just five diamonds larger than 100 carats.
     
  • Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho, reports they recovered 30,774 carats during Q3 2017 (July 1 - Sept. 30 2017), up 23% from 24,999 carats in Q2 2017 and up 26% YoY, as the grade of recovery increased 14% to 1.88 cpht. This is a welcome return to form for Letšeng. During the three month period, the junior miner achieved an average price of $1,858 per carat, up 4% from $1,779 per carat in H1 2017. This included an average price of $2,397 per carat for the July tender, making it the highest achieved US$ per carat for a tender since September 2015. 

  • Independent analyst and consultant on diamonds and the mining industry, and publisher of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky has published an in-depth article, "The Discovery of Newsworthy Diamonds is Increasing", analysing the rise of noteworthy diamond recoveries in the past five years in particular. Reprinted from Paul Zimnisky Diamond Analytics, courtesy of Paul Zimnisky.

  • Gem Diamonds has recovered a 115 carat, D color Type IIa diamond from the Letšeng mine in Lesotho, of which it is 70% owner, with the Kingdom of Lesotho owning the remaining 30%. After a year of declining large diamond recoveries (5) and prices (-26%) in 2016, the company has recovered six +100 carat diamonds so far this year, achieving an average price of $1,779 per carat in the first half of the year, marking a 20% increase than the $1,480 per carat achieved for the prior six-month period (H2 2016). 

  • Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho - famous for the production of large, high quality, exceptional white diamonds - and 100% of the Ghaghoo mine in Botswana, reported a 14% drop in revenue for H1 2017, to $92.9m from $109.1m a year earlier. The poor results from Letšeng were reportedly due to a 12% fall in carat recovery (50,478), as well as a decline in average diamond prices, which fell to $1,779 from $1,899 y-o-y.

  • Gem Diamonds has released its H1 trading update showing improvement in the discovery of highly valuable diamonds from Letšeng mine in Lesotho, as well as a strong uptick in sales prices for its large stones, but are investors convinced that real recovery is on the horizon? After a year of declining large diamond recoveries (5) and prices (-26%), the company has recovered five +100 carat diamonds since the end of March alone (4 in reporting period, 1 just after) and has seen its pricing increase to an average of US$1,779 per carat for the period, up 20% from US$1,480 per carat in H2 2016.

  • Gem Diamonds Limited has recovered yet another exceptional rough stone, this time a high quality 126 carat, D color Type IIa diamond, from the Letšeng mine in Lesotho. After a bit of a dry spell in 2016, Letšeng mine has now yielded three +100 carat diamonds in the last month alone, including the recovery of two high quality diamonds in June 2017: a 104.73 carat diamond and a 151.52 carat yellow diamond.

  • Gem Diamonds has recovered two more exceptional stones from its Letšeng mine in Lesotho: a high-quality 104.73 carat, D-color Type IIa diamond and a high-quality 151.52 carat Type I yellow diamond.

  • Gem Diamonds - a leading global diamond producer that owns 70% of the Letšeng mine in Lesotho, known for its high-value diamonds, and 100% of the Ghaghoo mine in Botswana, which produces diamonds at the lower-end of the price scale – announced the recovery of a 98.42 carat high quality D-color Type II diamond which will accompany the previously announced 80.58 carat D-color type II for sale in June. 

  • Graff Diamonds announced they had added to their collection of exceptional stones by acquiring the 373.72-carat rough diamond sourced from the Karowe mine in Botswana. The stone was once a part of the Lesedi la Rona, the second largest gem quality diamond to ever be discovered and the largest to be unearthed in the last century. According to Graff the fragment was separated from its famous sibling during the recovery process.

  • Gem Diamonds has announced the recovery of a high-quality 80 carat, D color Type II diamond from the Letšeng mine in Lesotho. Today's announcement follows the April 7 of the recovery of a 114-carat diamond from Letšeng. This is another welcome recovery and may well signal a reversal of the miner's recent fortures, as Gem Diamonds in 2016 recovered fewer diamonds larger than 100 carats than usual, which had a "disappointing impact" upon revenue and cash flow. Demand and prices

  • London-based miner Gem Diamonds has appointed Harry Kenyon-Slaney as an independent Non-Executive Director and Chairman of the Company to succeed Roger Davis, who will be stepping down at the Annual General Meeting on 6 June 2017. Kenyon-Slaney has over 33 years of experience in the mining industry, principally with Rio Tinto.

  • Gem Diamonds has announced the recovery of a 114 carat, D color Type II diamond of exceptional quality from the Letšeng mine in Lesotho. The Letšeng mine is well-known for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the 20 largest gem-quality white diamonds ever recorded.

  • Diamond industry analyst Paul Zimnisky, author of the Zimnisky Global Rough Diamond Price Index, provides his thoughts on the recent struggles of diamond mining stocks. Given what is now being widely considered as a recovery and stabilization of the diamond industry last year, an optimistic post-election U.S.

  • Gem Diamonds fell to an annual loss in 2016 as the decline in the recovery of diamonds larger than 100 carats has had a "disappointing impact" upon revenue and cash flow, while poor prices achieved from its smaller diamonds from the Ghaghoo mine in Botswana forced it to book a large exceptional charge and led it to stop production at the mine.

  • Diamond industry analyst and author of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky, takes us on, "A Trip Through the Diamond Industry in March 2017." If there is one trip you make this weekend, we recommend this one.

  • The month of March will again see a full schedule of rough diamond tenders and sales in Antwerp.

  • Gem Diamonds - a leading global diamond producer that owns 70% of the Letšeng mine in Lesotho, known for its high-value diamonds, and 100% of the Ghaghoo mine in Botswana, which produces diamonds at the lower-end of the price scale - has decided that its Ghaghoo mine will be placed on "care and maintenance" with immediate effect. That is to say, it is shutting down operations until profitability is more feasible.

  • Firestone Diamonds, the newest diamond miner in the Kingdom of Lesotho, is holding its maiden tender of diamonds from their Liqhobong Mine (Firestone 75%, Lesotho 25%) in Antwerp this week. It was the perfect occasion to catch up with Firestone CEO Stuart Brown in the offices of First Element, the tender house hosting the sale.

  • Gem Diamonds, which owns 70% of the Letšeng mine in Lesotho - famous for the production of large, high quality, exceptional white diamonds - and 100% of the Ghaghoo mine in Botswana, saw fourth quarter 2016 sales from its Letšeng mine fall 6% since Q3 and 22% for the year as a result of fewer exceptional large diamonds being recovered than expected. The total amount of carats recovered at Letšeng increased 8% to 26,438 carats during Q4 vs. Q3, when it recovered 24,388 carats, and overall recoveries for the year remained approximately the same, at 108,206 carats.

  • Gem Diamonds, a leading producer of high-value diamonds, reports that it recovered 15% fewer diamonds in Q3 (24,388 carats) at its Letšeng mine in Lesotho than in Q2 (28,682 cts), representing a 17% decline compared to Q3 2015. The company cited "the worst weather conditions experienced since the Letšeng mine opened,” limiting its access to the pits, as the reason for the decline. During the quarter, Gem held three tenders with 37,990 carats sold for a total value of $61.5 million, achieving an average price of $1,619 per carat.

  • The month of November in Antwerp is replete with rough diamond tenders and auctions from a full range of mining companies, including eight tenders from auction houses Bonas, DDA Trading, KOIN InternationalFirst Element and iHennig, three auctions by mining companies Rio Tinto (Diavik & Arg

  • Graff Diamonds unveiled “The Graff Venus”, calling it, "The largest D flawless heart-shaped diamond in the world." They say it took 18 months for Graff's master craftsmen to analyse, cut and polish the magnificent type IIa 118.78-carat diamond from a 357-carat rough diamond discovered in 2015 at the Letšeng Mine in Lesotho - operated by Gem Diamonds. Laurence Graff, chairman of Graff Diamonds said, "We were given a once in a lifetime opportunity and we created absoulute perfection."

  • Gem Diamonds, a global diamond producer with diamond mining operations in Lesotho and Botswana, head offices in London and sales, marketing and manufacturing capabilities in Antwerp, saw revenues ($109.1 million) and profits ($13.4 million) fall by 7.5% and 13% respectively in H1 2016 as its two mines trended in opposite directions.

  • Extremely stormy weather in Lesotho has damaged power lines to Gem Diamonds' Letseng mine, leading the miner to say it might need to reassess its full-year guidance for operating costs and ore tonnes treated. However, the company, which mines diamonds at the Ghaghoo mine in Botswana as well as at the Letseng mine in Lesotho said it did not expect carats recovered to be materially affected. Gem Diamonds said full-year guidance for carats recovered would likely be within original guidance.

  • Gem Diamonds' first half figures for 2016 reveal that while carat production is currently tracking towards the top end of guidance for 2016 at Letšeng Diamonds in Lesotho - recovering 57,380 carats in H1 2016 (50,019 carats in H1 2015, a 12.9% increase) - average prices fell 16% to $1,899 per carat from $2,264 over the same period in the previous year - still among the highest price per carat in the world.

  • Several yeas ago, famed diamond house Graff Diamonds came across an opaque 299-carat rough diamond from the Letšeng Mine in Lesotho, owned and operated by Gem Diamonds. HauteTime traces the journey of the 299-carat rough fancy intense yellow diamond into the 132-carat Golden Empress diamond. "Before the rough jewel was cut," writes Roberta Nass, "Graff’s Senior Gemologists spend many months meticulously studying the nuances of the stone, and the risks involved in cutting it. With the study complete, imagination, exceptional skill and intense precision came into play.

  • Graff Diamonds recently unveiled the “Graff Vendôme,” a 105.07-carat D flawless pear shaped diamond, named after its new store on Place Vendôme in Paris. The diamond was created from a 314-carat rough stone - called "The Destiny" - unearthed in May 2015 at Gem Diamonds’ Letšeng mine in Lesotho, which known for its exceptional stones, and sold into a partnership in June of that year. Anthony DeMarco writes for Forbes that, "Following 3D computerized mapping of the rough diamond, Graff’s master cutters took 'many months' to laser-cut and hand polish the gem.

  • "The unsurprising news being shouted from the rooftops is that De Beers has signed a 10 year marketing agreement with the Government of Namibia," writes Charles Wyndham in his latest candid commentary on polishedprices. "Of much greater interest to me was the price that the 815 [813, ed.] carat stone from Lucara fetched, namely some $77,000 per carat or total price of $63 million. This I did find surprising, surprisingly good ...

  • Gem Diamonds has announced its operational and sales figures for Q1 2016, noting a 26% increase in carats sold from its Letšeng Mine in Lesotho compared to Q1 2015 (3 tenders during each period), and a 13% increase in total value, although the achieved price per carat fell 10% from $2,117 to $1,938. Gem Diamonds sold a total of 45,311 carats in Q1 for total sales of $87.8 million.

  • The mining industry in Lesotho is still in its infancy, writes Mining Weekly, but is developing and has great potential, says Lesotho Mining Minister Lebohang Thotanyana.

  • Fresh off the heels of a promising Q1 2016 production and trading update announcing a 26% increase in production and 25% rise in revenues, Petra Diamonds' CEO Johan Dippenaar has joined other mining executives in warning that it’s still too early to tell if the industry’s rebound from the worst year since the financial crisis will last, writes Thomas Biesheuvel for Bloomberg. “Prices are up, the market definitely has a positive feel about it,” Dippenaar sa

  • The midstream of the diamond market was out of the gate quickly in the first quarter of this year, purchasing around $3 billion of rough goods. But is there really demand from end consumers for diamond jewelry of the level that will sustain the rough purchases, and will there be another glut on the global market as happened last year? Those are some of the questions raised in an opinion piece on Rough & Polished.

  • Gem Diamonds has released its Full Year Results for the year ending 31 December 2015, showing profit for the year up 12% to US$67.4 million as compared to $60.4 million a year ago.

  • "The world’s two biggest diamond miners just sold $1 billion worth of gems and it’s making smaller rivals nervous," write Kevin Crowley and Thomas Biesheuvel for Bloomberg Business, and the size of De Beers' ($540m) and Alrosa's ($450m) January sales "far exceeded everyone’s expectations." One concern is that the sales were driven not by consumer demand, but rather by supply cuts last year that led to shortages and lower prices.

  • Gem Diamonds Ltd said there had been a strong end to the year at its Letšeng mine in Lesotho with full-year production above guidance and "robust" prices. Its diamonds achieved an average price per carat of $2,117 in the fourth quarter, however the average price last year was 9 percent lower than that for 2014. The miner reported that it produced 29,400 carats during the quarter, with full-year output totaling 108,579 carats. It added that it sold nine rough stones with a value of more than $1 million each and three diamonds each weighing more than 100 carats.

  • For the first installment of our new series, “Through the Loupe”, that will deliver insightful analysis from a broad selection of diamond industry insiders, The Diamond Loupe sat down with Peter Robinson to talk about Gem Diamonds - miner of some of the largest and highest quality diamonds in the world - and its Baobab manufacturing facility in Antwerp, the current state of diamond miners, investment diamonds, consumer demand and the art of polishing large, high-value diamonds.