Business
Interim Results
Interim Results.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n RNS Number : 2690C Gem Diamonds Limited 29 August 2008 \n \nGEM DIAMONDS LIMITED\n(Gem Diamonds) or (the Company)\n\nHALF YEAR RESULTS ANNOUNCEMENT\nFOR THE SIX MONTHS ENDED 30 JUNE 2008\n\nGem Diamonds is a global diamond company that is pursuing an accelerated growth strategy through targeted acquisitions and the development of its existing assets.\n\nThe Company's portfolio comprises producing kimberlite, lamproite and alluvial mines, development projects, exploration assets as well as a diamond beneficiation centre. Operations are situated in Angola, Australia, Botswana, CAR, DRC, Dubai, Lesotho and Indonesia.\n\nGem Diamonds has a specific focus towards higher value diamonds, a segment of the market expected to deliver superior long term returns. The Company produces some of the world's most remarkable white diamonds from its Letšeng mine, rare fancy and vivid yellow diamonds from its Ellendale mine and an array of coloured diamonds from its Cempaka mine.\n\nHIGHLIGHTS\n\n\n\nFINANCIAL\n- Strong financial results supported by rising diamond prices across all top quality goods\n- Revenue up 138% to US$166.8 million\n- EBITDA up 68% to US$56.5 million\n- Record average price per carat achieved for Letšeng diamonds of US$2 512 per carat\n- Strong net cash generated from operations of US$75 million\n- Recently acquired assets turning to profit\nOPERATIONAL\n- Production of 283 000 carats across Group\n- Letšeng Second Plant constructed and commissioned\n- Supply agreement with high end jeweler reached on Ellendale yellow diamonds\n- Production records beaten at Ellendale and Cempaka\n- Gope mine development progressed, SEIA complete\n- Central Afric...