Business
FTSE Classification
FTSE Classification.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n Gem Diamonds Limited\n24 August 2007\n\n\n\n24th August, 2007\n\n GEM DIAMONDS LIMITED\n ('Gem Diamonds' or the 'Company')\n\n FTSE NATIONALITY COMMITTEE CLASSIFICATION OF GEM DIAMONDS\n\n\nGem Diamonds (LSE: GEMD) is pleased to announce that the FTSE Nationality\nCommittee has approved a UK classification status for Gem Diamonds. The Company\nwill now be considered for FTSE UK Index Series inclusion at the next quarterly\nreview, subject to the standard criteria which apply to any potential new\nentrant to the FTSE Series Indices.\n\n\n\nENDS\n\n\n\nFor further information:\n\nGem Diamond Technical Services\nClifford Elphick\nAngela Parr\nTel: +27 11 325 7652\n\n\nPelham PR\nCandice Sgroi\nTel: +44 207 743 6376\n\n\n\n\nAbout Gem Diamonds\n\nGem Diamonds is a diamond mining company with a balanced portfolio of a\nproducing kimberlite mine, two producing alluvial mines, development projects\nand long-term prospects. Established in July 2005, Gem Diamonds is pursuing an\naccelerated growth strategy and aims to become one of the world's leading\ndiamond producers. Gem Diamonds currently has one producing kimberlite mine, Let\nseng, in Lesotho, two producing alluvial mines - Cempaka in Indonesia and\nMbelenge in the Democratic Republic of Congo (DRC), a kimberlite development\nproject in Botswana, three development projects in the DRC, one in the Central\nAfrican Republic and an option to develop the Chiri kimberlite concession in\nAngola.\n\nThe Company recently made an offer to Kimberley Diamond Company's shareholders\nto acquire their shares in this company, which owns the Ellendale Mine in north\nwestern Australia.\n\nGem Diamonds has a specific focus towards higher value diamonds, a segment of\nthe market that its management believes will deliver superior long term returns.\n\nIn February 2007, Gem Diamonds listed on the London Stock Exchange and raised\nover US$600 million (net of expenses) to fund development of its existing assets\nas well as to pursue acquisitive growth opportunities. Gem Diamonds trades under\nthe code GEMD. At the time of this announcement the market capitalization of the\ncompany is approximately US$1,2 billion.\n\n\nFor further information about Gem Diamonds visit www.gemdiamonds.com.\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","leng...