RAPAPORT… Gem Diamonds’ average selling price fell 6% to $1,615 per carat in the first quarter compared with the previous three months, the company said Monday.
The miner brought in $6.7 million from its second flexible tender of large, high-quality rough from the Letšeng mine in Lesotho. The first flexible tender yielded $12 million. The company also sold $7.8 million during the quarter at a small-diamond tender in Belgium prior to the COVID-19 lockdown.
Still, the average price is strong given the lack of trading during the coronavirus outbreak, the company noted.
“The second round of the recently introduced flexible tender process again demonstrates the ongoing demand for Letšeng’s large, high-quality diamonds,” Gem Diamonds CEO Clifford Elphick said.
The company will continue to run flexible tenders, which include both direct sales and partnership arrangements, until the restrictions caused by the pandemic are lifted.
Image: Rough diamonds from the Letšeng mine. (Gem Diamonds)
Letšeng Average Price Drops 6% in 1Q
The Bottom Line
- Gem Diamonds' average selling price at Letšeng fell 6% to $1,615 per carat in Q1 compared to the previous quarter.
- The company generated $6.7 million from its second flexible tender of large, high-quality rough diamonds and $7.8 million from a small-diamond tender in Belgium before the COVID-19 lockdown.
- Gem Diamonds plans to continue flexible tenders, combining direct sales and partnerships, until pandemic restrictions ease.
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