Business
Results of polished diamonds
Results of polished diamonds.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n RNS Number : 9501Y Gem Diamonds Limited 14 July 2008 \n \nFINAL\n\n14 July, 2008\n\nGEM DIAMONDS LIMITED\n('Gem Diamonds' or the 'Company')\nELLENDALE POLISHED YELLOW DIAMONDS SPARKLE AT TENDER\n\nGem Diamonds (LSE: GEMD), the FTSE 250 diamond company, recently commenced successful cutting and polishing trials on a selection of its high quality white diamonds from the Letšeng Mine. The Company is now pleased to announce that beneficiation trials on the intense and vivid yellow diamonds produced by its Ellendale mine have been successfully completed with a recent tender of polished yellow diamonds in Antwerp.\nFour intense and vivid polished yellow diamonds totalling 15.7 carats were sold on tender in Antwerp for an average price of US$28 860 per carat. The diamonds were cut and polished from 28.5 carats of rough by Matrix Diamond Technology using their proprietary diamond mapping and cutting technology. Among the collection was a 7.1 carat cushion cut vivid yellow diamond which sold for US$52 000 per carat and a 2.3 carat cushion cut vivid yellow diamond which sold for US$19 000 per carat.\n\nAccording to coloured diamond expert Professor Eddy Elzas, the owner of the largest collection of coloured diamonds in the world, prices have increased more than 500% in the last twelve years. \n\nGem Diamonds CEO Clifford Elphick commented:\n\n'The success of this beneficiation trial supports management's view of the significant additional margin that can be captured from the cutting and polishing of Ellendale's top diamonds and we are very encouraged by the results. Since Gem Diamonds acquired Kimberley Diamond Company late last year we have implemented an aggressive turnaround strategy that is yielding not only more of these spectacular diamonds, but also a real return on the Company's investment.' \n\nFor further information:\n\nGem Diamond Technical Services\nAngela Parr \nTel: +27 83 578 3885\n\nPelham PR \nCandice Sgroi\nTel: +44 207 743 6376\n\n\nAbout Gem Diamonds\n\nGem Diamonds Limited (LSE: GEMD) is a global leading diamond company that is pursuing an acce...