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Gem Diamonds' H1 Results Impacted by Fewer Large Diamond Recoveries

Gem Diamonds' H1 Results Impacted by Fewer Large Diamond Recoveries

The Diamond Loupe
English
13:31

Gem Diamonds' H1 Results Impacted by Fewer Large Diamond Recoveries

Gem Diamonds first half 2019 results took a downturn as the miner recoverd fewer large stones at its Letšeng mine in Lesotho, while the average prices achieved per carat - while still the highest in the business - fell well below their averages over the past three financial halves. While year-over-year comparisons are somewhat skewed by the very high bar set in in H1 2018, revenue from the sale of rough stones was down 44% to $94.5 million compared with $168 million in H1 2018, though it was not too far off revenue from the previous half (H2 2018), which totaled $99 million.

Mining and Exploration