Gem Diamonds announces its trading update for H1’16

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 Gem Diamonds announces its trading update for H1’16Gem Diamonds Limited announced its trading update for the first half of the year ending June 30th 2016. In this the company has outlined the Group’s operational and sales performance ahead of its half yearly results to be released on 17 August 2016.

Gem Diamonds’ CEO, Clifford Elphick said that, “Production at Letšeng has proceeded well during the period with carat production up 15 per cent compared to H1 2015 and average grade significantly up at 1.72 carats per hundred tonnes, and we are tracking towards the top end of carat production guidance for 2016.”

Letšeng Diamonds performed with consistent prices achieved on a like-for-like basis. It recovered 57,380 carats recovered during the period (50,019 carats in H1 2015) and the average grade achieved over was 1.72 cpht (1.61cpht in H1 2015). The average price of US$ 1 899 per carat achieved in H1 2016 (US$ 2 264 in H1 2015). Exceptional diamond recoveries included an undamaged Type II 160 carat and an 11.8 carat pink diamond (which sold for US$ 187 000 per carat) in the first half and an exceptional quality 104 carat Type II white diamond recovered in July.

At Ghaghoo, development of production Block 2 on Level 1 was completed and development of Level 2 has commenced. A sale of Ghaghoo diamonds held in Q1 2016 achieved an average price of US$ 160 per carat. Another sale in June achieved 2 an average price of US$ 155 per carat.

Clifford Elphick said that, “At Ghaghoo, completion of mining in the first block and commencement of mining in the second block has meant that a large proportion of ore treated has been from diluted areas near the pipe extremities with lower recovered grades achieved; however grades have improved as mining in the second block has advanced towards the centre of the pipe. Development of Level 2 has commenced.”



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