Let??eng Average Price Drops 6% in 1Q

RAPAPORT... Gem Diamonds' average selling price fell 6% to $1,615 per carat in the first quarter compared with the previous three months, the company said Monday.The miner brought in $6.7 million from its second flexible tender of large, high-quality rough from the Let??eng mine in Lesotho. The first flexible tender yielded $12 million. The company also sold $7.8 million during the quarter at a small-diamond tender in Belgium prior to the COVID-19 lockdown. Still, the average price is strong given the lack of trading during the coronavirus outbreak, the company noted."The second round of the recently introduced flexible tender process again demonstrates the ongoing demand for Let??eng's large, high-quality diamonds," Gem Diamonds CEO Clifford Elphick said. The company will continue to run flexible tenders, which include both direct sales and partnership arrangements, until the restrictions caused by the pandemic are lifted. Image: Rough diamonds from the Let??eng mine. (Gem Diamonds)