Business
12.47ct blue diamond achieves record price
12.47ct blue diamond achieves record price.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 2641Q Gem Diamonds Limited 11 October 2013 \n \n\n11 October 2013\nGEM DIAMONDS LIMITED\n(\"Gem Diamonds\" or \"the Company\")\n12.47 carat blue diamond achieves a record price for the Letšeng mine of US$ 603,000 per carat \nGem Diamonds Limited (LSE: GEMD), is pleased to announce the sale on tender of a rare 12.47 carat blue diamond and an 82 carat exceptional quality white diamond, both recovered at its Letšeng mine. (The recovery of these two diamonds was announced on 30 September 2013).\nThe 12.47 carat blue diamond fetched a record price for the Letšeng mine of US$ 603,047 per carat, a total of US$ 7.5 million. The 82 carat white diamond fetched US$ 59,173 per carat, a total of US$ 4.8 million. \nGem Diamonds CEO, Clifford Elphick stated: \n\"Letšeng continues to achieve such outstanding prices for its exceptional diamonds and we continue to expect recovery of such high quality diamonds as mining at Letšeng continues to focus more on the higher grade, higher value Satellite pipe towards the end of 2013 and into 2014.\" \nFor further information:\nGem Diamonds Limited\nSherryn Tedder, Investor Relations\nTel: +27 (0) 11 560 9600\nMob: +27 (0) 83 943 4505\n \nPelham Bell Pottinger\nCharles Vivian / James MacFarlane \nTel: +44 (0) 207 861 3232 \n \nAbout Gem Diamonds: \nGem Diamonds is a leading producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho as well as the Ghaghoo mine, currently in development in Botswana. The Letšeng mine is famous 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 top twenty largest white gem quality diamonds recorded.\nGem Diamonds has a growth strategy based on the expansion of the Letšeng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the diamond industry over the medium to long term, particularly at the high end of the market, this strategy positions the Company w...