Business
Q1 2010 INTERIM MANAGEMENT ST
Q1 2010 INTERIM MANAGEMENT ST.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n RNS Number : 5890L Gem Diamonds Limited 10 May 2010 \n \n\n10 May 2010\n \nGEM DIAMONDS LIMITED\n(\"Gem Diamonds\" or the \"Company\")\n \nQ1 2010 INTERIM MANAGEMENT STATEMENT\n \nGem Diamonds (LSE: GEMD) reports an Interim Management Statement for the period from 1 January 2010 to 10 May 2010. \nHighlights: \nRough diamond prices have firmed in Q1 2010. \n \nLetšeng:\n· 15 468 carats were sold at an average price of US$1 753 per carat in Q1 2010 (US$1 017 per carat in Q1 2009).\n· A total of 12 diamonds from Letšeng sold at prices greater than US$20 000 per carat in Q1 2010, including a 33.87 carat diamond which sold for US$53 484 per carat and a 57.24 carat diamond which sold for US$49 552 per carat.\n· Circa 100 rough diamonds greater than 10.8 carats in size were recovered from Letšeng in Q1 2010. \n \nEllendale: \n· Overall, Ellendale sold a combined total of 32 286 carats at an average price of US$489 per carat (US$102 per carat in Q1 2009).\n· 4 652 carats of fancy yellow diamonds were sold to Tiffany & Co at an average price of US$2 545 per carat.\n· 27 634 carats of commercial goods were sold at an average price of US$142 per carat (US$38 per carat in Q1 2009). \n \nGope: \nGope's resource update has now been completed and the highlights are below. The update is based on a resource statement prepared by three independent experts, Venmyn Rand, WWW International and QTS Kristal Dinamika. \n \n· The total contained resource carats have increased by 1.2 million carats to 20.5 million carats. This is due to an increase in grade from new statistical modelling and also an increase in volume through re-interpretation of drilling results.\n· The average resource diamond price has increased by 19% to US$162 per carat.\n· The average resource in situ value has increased by 24% to US$31 per tonne. The high value south-eastern lobe of the deposit has increased by 19% to an in situ value of US$51 per tonne.\n· Two blue diamonds have been recovered from the historical diamond samples during the course of ...