Business
Letseng recovers an exceptional 198 carat diamond
Letseng recovers an exceptional 198 carat diamond.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 2092O Gem Diamonds Limited 05 August 2014 \n \n\n05 August 2014\nGEM DIAMONDS LIMITED\n(\"Gem Diamonds\" or \"the Company\")\nLetšeng recovers an exceptional 198 carat diamond\nGem Diamonds Limited (LSE: GEMD) is pleased to announce the recovery of a 198 carat, white type IIa diamond from the Letšeng mine at the end of July2014. \nThis exceptional white, high quality diamond displays no florescence and is expected to achieve an exceptional price when sold this year. \nGem Diamonds CEO, Clifford Elphick stated: \n\"The recovery of this large, high quality white diamond continues to support the Letšeng mine's reputation as the most important source of exceptional quality, large diamonds.\"\nFor further information:\nGem Diamonds Limited\nSherryn Tedder, Investor Relations\nTel: +27 (0) 11 560 9600\nMob: +27 (0) 83 943 4505\n \nBell Pottinger\nCharles Vivian / James MacFarlane \nTel: +44 (0) 207 861 3232 \nAbout Gem Diamonds: \nGem Diamonds is a leading producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho (30% held by the Government of Lesotho); as well as the Ghaghoo mine 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 well to generate attractive returns for shareholders in the coming years.\nwww.gemdiamonds.com\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEALPLEFKLEFF\n ","length":3255,"tagName":"div"}]