Recovery of 12.47ct blue and 83.8ct white diamond

RNS Number : 1921P

Gem Diamonds Limited

30 September 2013

 



30 September 2013

GEM DIAMONDS LIMITED

("Gem Diamonds" or "the Company")

Recovery of a 12.47 carat blue diamond and an 83.8 carat white diamond from the Letšeng mine

Gem Diamonds Limited (LSE: GEMD) is pleased to announce the recovery of a rare 12.47 carat blue diamond and an 83.8 carat, exceptional quality, white diamond from the Letšeng mine in Lesotho in September 2013. Both of these diamonds are expected to fetch good prices at Letšeng's tenders held in Antwerp, Belgium. 

The blue diamond was recovered from the Main pipe, whereas the 83.8 carat white diamond was recovered from the Satellite pipe.

Gem Diamonds CEO, Clifford Elphick stated:

"Letšeng continues to recover large, white, largely undamaged diamonds on a relatively consistent basis as well as the occasional rare blue or pink diamond. As mining focuses on the higher value and higher grade Satellite pipe during the latter part of this year, it is expected that Letšeng will continue to produce more of these exceptional diamonds."

For further information:

Gem Diamonds Limited

Sherryn Tedder, Investor Relations

Tel: [phone]

Mob: [phone]

Pelham Bell Pottinger

Charles Vivian / James MacFarlane

Tel: [phone]

About Gem Diamonds:

Gem Diamonds is a leading producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho as well as the Ghaghoo mine, currently in development in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the top twenty largest white gem quality diamonds recorded.

Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the diamond industry over the medium to long term, particularly at the high end of the market, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.

www.gemdiamonds.com

 

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