Gem Diamonds Earns $8M at Small Diamond Tender in Antwerp

Rough Market
20/03/2020 09:21

Gem Diamonds held a tender of small diamonds in Antwerp from the Letseng mine in Lesotho, earning $7.8 million at the sale which concluded earlier this week. The miner called the results "resilient" given the circumstances, as the average price per carat fell 18% below the like-for-like prices reached at the last small diamond tender held in November last year before the Covid-19 economic crisis.

The Letseng large diamond tender, which commenced on 16 March and was due to have closed next week on 25 March, has been cancelled and, in its place, a flexible direct sale process has been put in place for their large and high-quality diamonds, which the miner says have seen significant demand during the tender viewings held to date. This sales process will include direct sales and also partnership arrangements. Any diamonds which are not sold under the flexible sales process will be held over for sale at a later date.

"The results of the Letseng small diamond tender are resilient given the difficult circumstances under which the tender was held caused by the ongoing Covid-19 situation," said Clifford Elphick, CEO. "We look forward to proceeding with the flexible sales processes in respect of the Letseng large diamond parcel which contains many high quality diamonds.” The Company also reported that its Letseng mine remains in full production and that there are a number of precautionary processes in place at the mine site, and throughout the company’s operations, to prevent the outbreak of the Covid-19 disease.  There have been no reported instances of any Covid-19 positive cases at any of the Company’s operations.