Gem Diamonds notes recovery in its output, overall diamond market
London-listed Gem Diamonds recovered four diamonds greater than 100 ct in the last quarter of 2020, bringing the total for the year to 16.
The company reports that all its operational guidance metrics for the full year were achieved, including selling 99 172 ct at an average price of $1 908/ct, realising revenue of $180-million for the year.
The company recovered 100 780 ct in 2020, compared with 113 974 ct the year before, mainly as a result of Lesotho’s lockdown period in the second quarter of the year, which limited production from the company’s 70%-owned Letšeng diamond mine.
Gem sold ten diamonds for more than $1-million each in the last quarter of the year, bringing the total number of diamonds sold for greater than $1-million to 34 for the year.
The company says the diamond prices achieved in the latter part of the year were higher than those released, on a like-for-like basis, before the onset of the Covid-19 pandemic in the first quarter of the year, reflecting overall improvement in market conditions.
Gem ended the year with net cash on hand of $34.2-million, with available facilities totalling $60.8-million.
The company declared $27.2-million in dividends, of which $17-million was already paid before the year ended, resulting in a net cash flow of $11.3-million at the end of the year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...
VISIT SHOWROOM
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
