London-listed Gem Diamonds achieved a median worth exceeding $2 000/ct for diamonds offered on tender from its Letšeng diamond mine, in Lesotho, in the course of the third quarter, regardless of the present downturn within the international economic system.
The corporate studies in a buying and selling replace for the quarter ended September 30 that it generated $56-million of income at a median worth of $2 028/ct, in contrast with a median worth of $1 589/ct achieved within the third quarter of final yr.
Gem recovered 25 018 ct of diamonds in the course of the quarter, amounting to 80 174 ct recovered within the year-to-date, promoting at a median worth of $1 838/ct within the year-to-date.
The very best worth achieved within the quarter below evaluate was $79 543/ct for a ten.07 ct pink diamond.
About $15-million of the corporate’s income was generated from 4 diamonds better than 100 ct.
Gem entered the final quarter of the yr with $5.4-million of internet money and undrawn and accessible services of $65-million.
After the quarter ended, nonetheless, manufacturing on the Letšeng mine was impacted on by the final election in Lesotho, on October 7, and the obligatory two-day shutdown of operations legislated by the federal government to permit workers to vote of their house wards, CEO Clifford Elphick says.
Moreover, Gem studies {that a} crusher broke down on the mine’s Plant 2, which has since been repaired and is working at regular capability.
The affect of the lack of manufacturing in October has, nonetheless, resulted in Gem revising downward its full-year steering for tonnes handled to about 5.4-million tonnes, after setting it initially at between 5.6-million and 5.8-million tonnes.
Carats recovered will, subsequently, possible quantity to 104 000 ct, as a substitute of the beforehand envisaged 112 000 ct to 116 000 ct.
