RAPAPORT… Gem Diamonds has announced the sale of a 13.33-carat pink
diamond, discovered in February at its mine in Lesotho, for $8.8 million.
The tender sale, which took place in Antwerp, represents a record per-carat
price of $656,933 for the company, it said Thursday.
The result builds on a successful 2018 for Gem Diamonds, which more
than doubled its profits to $46.6 million, it reported. The miner said this was due to a record
number of large stones recovered at the Letšeng mine, with its haul of diamonds
weighing more than 20 carats rising 21% to 257.
Last year, it sold 44 diamonds for more than $1 million,
achieving a total of $137.2 million. This includes the Lesotho Legend, which
garnered $40 million last March.
Despite its positive financial
results, Gem Diamonds failed to declare a dividend for 2018, saying its
priority was strengthening its financial position given the uncertainty of the
current diamond market.
Image: The pink diamond. (Gem Diamonds)
Letšeng Pink Sells for Almost $9M
The Bottom Line
- The 13.33-carat pink diamond sold for $8.8 million at a tender in Antwerp, achieving a record price of $656,933 per carat for Gem Diamonds.
- Gem Diamonds more than doubled its 2018 profits to $46.6 million, driven by a 21% increase in diamonds over 20 carats recovered at Letšeng.
- Despite strong financial results and $137.2 million in sales including the $40 million Lesotho Legend, Gem Diamonds did not declare a dividend in 2018, prioritizing financial stability amid market uncertainty.
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