12th May 2014 11:45
LONDON (Alliance News) - Gem Diamonds Ltd Monday said it has increased its recovery rates in its first quarter and it saw a 70% average sales price hike during the period.
The diamond producer said its diamond recoveries increased 39% to 26,055 carats for the three months ended March 31 compared with its previous year and 30,060 carats were sold in its first three shipments of 2014.
The company also said that the average price it received per carat for the first three sales of 2014 was USD2,723 per carat, a 70% increase on the previous year, and two exceptional large diamonds over 160 carats were recovered in January and sold in February for USD11.1 million and USD2.4 million respectively.
Gem Diamonds also noted that its development of the Ghaghoo site in Botswana remains on schedule with kimberlite being intersected in the first production tunnel at the sites level 1 in early May and first ore having been put through its plant as part of its commissioning process.
The company said it had a cash position attributable to it of USD78.6 million as of April 1.
Gem Diamonds shares were up 0.9% to 169.94 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Gem Diamonds Di