02/07/2008
Gem Diamonds has sold ten stones from its Letseng mine in Lesotho for £5.5 million.
The fully listed company, whose chief executive officer is ex-Oppenheimer luminary Clifford Elphick, says the ten rough diamonds, recovered from Letseng’s main and satellite pipes, together totalled 261.4 carats and fetched an average of $42,000 (£21,000) a carat in a tender at Antwerp last month. According to Gem, the world average rough diamond price is $91 (£45.50) a carat. These ‘top-quality white diamonds’, varying in size from 11.8 to 70.7 carats, commanded many times that in a tender which, claims Elphick, ‘reinforces Letseng’s status as one of the most remarkable diamond mines in the world’.
Shares in Gem Diamonds have fluctuated between £12.16p and £8 over the past 12 months. The price today is £10.25p.
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