Retirement of CFO

RNS Number : 4076B

Gem Diamonds Limited

03 April 2013

 



4 April 2013

GEM DIAMONDS LIMITED

("Gem Diamonds" or "the Company")

Retirement of Chief Financial Officer, Kevin Burford

Gem Diamonds Limited (LSE: GEMD) today announces the retirement of its Chief Financial Officer, Mr Kevin Burford, who has held the position of Chief Financial Officer since January 2006.

Mr Burford's retirement is effective from 1 April 2013 and he will be succeeded by Gem Diamonds' current Group Financial Manager, Mr Michael Michael, who has held this position since March 2008.

For further information:

Gem Diamonds Limited

Sherryn Tedder, Investor Relations

Tel: [phone]

Mob: [phone]

Pelham Bell Pottinger

Charles Vivian / James MacFarlane

Tel: [phone] 1500861 3232

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

 

END

 

 

MSCZMGGDRZFGFZM