Gem Diamonds Sales Slide in First Half

RAPAPORT... Gem Diamonds' sales of high-value rough from its Let??eng mine in Lesotho fell in the first half amid a decline in the average price.Rough sales for the six months that ended June 30 slipped 4.2% year on year to $99.6 million, even as sales volume rose 3.5% to 57,075 carats. The average price fell 7.5% to $1,745 per carat, the miner reported Wednesday.During the period, a total of 15 diamonds sold for more than $1 million each, generating revenue of $25.8 million, the company said. The highest price achieved was $66,059 per carat for a pink diamond weighing 8.41 carats."We continue to see a firm diamond market for the high-quality Let??eng diamonds in 2022," said Clifford Elphick, Gem Diamonds' CEO. "We are managing the economic impact of global events, which are contributing significantly to the slowing down of global economic growth and which are materially impacting energy and commodity prices and disrupting supply chains worldwide."Output from Gem Diamonds' Lesotho site came to 55,157 carats, a 6% drop versus the same period in 2021. The company discovered three diamonds greater than 100 carats - weighing 244.34, 127.58 and 124.65 carats - which brought in a combined $13.9 million at the company's first tender of the third quarter.In the second quarter, Gem Diamonds sold 28,461 carats for $47.5 million. Production for the period was 26,727 carats.Gem Diamonds, which specializes in large, high-value diamonds, owns a 70% share in the Let??eng mine in Lesotho. It is currently in the process of selling its 100% share in the Ghaghoo mine in Botswana.Image: The Let??eng mine in Lesotho. (Gem Diamonds)