(IDEX Online) - Prices rough diamonds dropped 6 percent in the third quarter, Gem Diamonds reported today (Tuesday). Clifford Elphick, Gem Diamonds' CEO said the drop resulted from price pressure on high-value diamonds from the Let?... ?eng mine and lower value ore mined in the previous quarter.
During the quarter, which ended September 30, the miner recovered four diamonds weighing over 100 carats.
The company sold 25,631 carats at an average price of $1,417 per carat (Q2 2019: $1,501 per carat).
Gem Diamonds also announced the sale of five diamonds for over $1 million, each, generating revenues of $11 million.
During the quarter, the company renewed the 10-year mining lease for Let?... ?eng with an exclusive option to renew the lease for a further 10 years.
Q3 2019 | Q2 2019 | % Change | YTD 2019 | |
Carats Sold | 25,631 | 28,379 | -10% | 81,345 |
Total value ($ Millions) | 36.3 | 42.6 | -15% | 130.9 |
Achieved $/Carat | 1,417 | 1,501 | -6% | 1,609 |
During the quarter, the highest price achieved for a D-colour Type IIa diamond was $37,408 per carat.
Gem Diamonds owns 70 percent of the Let?... ?eng mine in Lesotho and is currently selling its 100 percent share of the Ghaghoo mine in Botswana.