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Gem Diamonds Sells 164-Ct. Letšeng Rough for $9M
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Gem Diamonds sold a 164 carat, D color, type IIa rough diamond from the Letšeng mine for $9 million, or $54,911 per carat. The stone was sold in a profit sharing agreement with an unnamed buyer whereby...
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Rough Markets
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May 31, 2013
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Avi Krawitz
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Gem Diamonds Appoints Michael to the Board
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Gem Diamonds appointed its newly named chief financial officer, Michael Michael, to the company's board. Michael has more than 20 years of experience in financial management. According to Gem Diamonds, since 2006, he has been closely...
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Mining
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Apr 22, 2013
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Jeff Miller
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Gem Diamonds' CFO Retires
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Gem Diamonds' chief financial officer (CFO), Kevin Burford, has retired, the company reported. Burford has held the position of CFO since January 2006.The company's current group financial manager, Michael Michael, has...
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Rough Markets
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Apr 03, 2013
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Deena Taylor
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Gem Diamonds' 2012 Revenue -34%, Loss at $77M
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Gem Diamonds reported that revenue fell 34 percent year on year to $202.1 million in 2012 despite achieving record production at its flagship Letšeng mine. The average price for rough diamonds sold from Letšeng fell...
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Mining
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Mar 12, 2013
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Avi Krawitz
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Gem Diamonds 1H Revenue -8%
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Gem Diamonds reported revenue fell 8 percent year on year to $180.2 million in the first half of 2012 as rough diamond demand softened. Net profit slumped 51 percent to $24.9 million for the period. The mining company...
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Mining
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Aug 21, 2012
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Avi Krawitz
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Gem Diamonds Reviews Letšeng Expansion Due to Weak Market
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Gem Diamonds said it may delay its development projects in Lesotho and Botswana as rough diamond prices fell in the second quarter due to weak economic conditions. “The global macroeconomic climate and in particular the ongoing...
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Rough Markets
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Jul 30, 2012
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Avi Krawitz
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Two Fatalities at Gem Diamonds Ghaghoo Mine
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Two contractors have died at Gem Diamonds' prospective Ghaghoo mine in Botswana following a cave in at the face of a tunnel development. The incident has been fully investigated and the department of mines has given permission for...
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Mining
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Jun 18, 2012
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Deena Taylor
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Rough Economies
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Two trends have emerged at the start of the second quarter that will likely influence diamond trading for the remainder of 2012. One, rough prices have increased while the polished market continues to tread...
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Rough Markets
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Apr 20, 2012
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Avi Krawitz
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Letšeng's Prices Drop, Sales Slump 38% to $59M
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Gem Diamonds reported that sales of diamonds from the Letšeng mine in Lesotho fell 38 percent year on year to $58.7 million during the period January 1 through April 15, 2012 as production focused on the lower-grade main...
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Rough Markets
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Apr 16, 2012
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Avi Krawitz
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More Diamond Mines For Sale
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The announcement this week that Rio Tinto is considering selling its diamond assets offered some shock value but little surprise. Like its conglomerate rival BHP Billiton, which made a similar declaration four...
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Mining
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Mar 30, 2012
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Avi Krawitz
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Gem Diamonds 2011 Revenues +49%
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Gem Diamonds reported record earnings in 2011 driven by higher rough prices and increased production at its high-value Letšeng mine in Lesotho. Revenues grew 49 percent year on year to $395.6 million and attributable net profit more...
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Mining
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Mar 20, 2012
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Avi Krawitz
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Diamond Prices to Remain Firm This Year
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Diamond prices, which have remained strong following a cycle of auctions in 2012, are expected to remain firm this year due to strong demand from India and China, coupled with an improving macro-economic outlook for the...
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Polished Markets
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Mar 15, 2012
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Dilipp S Nag
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Letšeng's Prices Fall 23% in 4Q
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Prices of diamonds recovered at the high value Letšeng mine in Lesotho fell 23 percent year on year in the fourth quarter of 2011 as economic uncertainty took its toll on the market. ''The fourth quarter of 2011 saw rough...
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Rough Markets
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Jan 26, 2012
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Avi Krawitz
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Diamond Sector May See a Slow First Half
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The diamond industry could see a slow and challenging first half this year with rough and polished prices remaining fragile as well as volatile, and dependent upon growth from consumers in Asia and the...
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Rough Markets
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Jan 20, 2012
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Dilipp S Nag
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Diamond (Mines) For Sale
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When it comes to diamond mines, particularly ones that yield consistent and good quality production, there should generally be a buyer. This is especially true given the supply-demand outlook that the diamond industry enjoys. A simple...
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Research
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Dec 02, 2011
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Avi Krawitz
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Gem Diamonds Weighing Ellendale Options
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Gem Diamonds is considering its options regarding the Ellendale mine in Australia after committing $280 million for the expansion of its flagship Letšeng operation in Lesotho. ''The company is currently considering all of its options regarding...
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Mining
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Nov 30, 2011
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Avi Krawitz
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Letšeng Rough Sales Remain Strong
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Gem Diamonds' Letšeng mine continued to deliver a strong, quarterly operational performance when production levels were in line with expectations and high-value, exceptionally large diamonds were recovered, the company reported in a management statement. Sales...
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Rough Markets
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Nov 02, 2011
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Deena Taylor
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Gem Diamonds Sells 550-Ct. Letšeng Star For $16M
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Gem Diamonds sold the 553-carat, D, type IIa, Letšeng Star rough diamond for $16.5 million, or $30,000 per carat, to an undisclosed third party, the company reported Monday. As part of the deal, Gem Diamonds’ Lesotho-based...
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Rough Markets
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Oct 24, 2011
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Avi Krawitz
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Gem Diamonds Transfers Boreholes to Kalahari Communities
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Gem Diamonds Botswana will transfer four boreholes to residents of the Central Kalahari Game Reserve (CKGR) at the end of August as part of its outreach surrounding the development of its Ghaghoo Diamond Mine in Botswana. Gem Diamonds...
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Mining
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Aug 10, 2011
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Avi Krawitz
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Cautious Diamond Production
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High rough diamond prices significantly boosted mining profits in the first half of 2011. Rapaport estimates that average Diamond Trading Company (DTC) rough prices rose about 35 percent during the six months proved...
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Rough Markets
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Jul 28, 2011
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Avi Krawitz
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