24th Aug 2007 07:00
Gem Diamonds Limited24 August 2007 24th August, 2007 GEM DIAMONDS LIMITED ("Gem Diamonds" or the "Company") FTSE NATIONALITY COMMITTEE CLASSIFICATION OF GEM DIAMONDS Gem Diamonds (LSE: GEMD) is pleased to announce that the FTSE NationalityCommittee has approved a UK classification status for Gem Diamonds. The Companywill now be considered for FTSE UK Index Series inclusion at the next quarterlyreview, subject to the standard criteria which apply to any potential newentrant to the FTSE Series Indices. ENDS For further information: Gem Diamond Technical ServicesClifford ElphickAngela ParrTel: +27 11 325 7652 Pelham PRCandice SgroiTel: +44 207 743 6376 About Gem Diamonds Gem Diamonds is a diamond mining company with a balanced portfolio of aproducing kimberlite mine, two producing alluvial mines, development projectsand long-term prospects. Established in July 2005, Gem Diamonds is pursuing anaccelerated growth strategy and aims to become one of the world's leadingdiamond producers. Gem Diamonds currently has one producing kimberlite mine, Letseng, in Lesotho, two producing alluvial mines - Cempaka in Indonesia andMbelenge in the Democratic Republic of Congo (DRC), a kimberlite developmentproject in Botswana, three development projects in the DRC, one in the CentralAfrican Republic and an option to develop the Chiri kimberlite concession inAngola. The Company recently made an offer to Kimberley Diamond Company's shareholdersto acquire their shares in this company, which owns the Ellendale Mine in northwestern Australia. Gem Diamonds has a specific focus towards higher value diamonds, a segment ofthe market that its management believes will deliver superior long term returns. In February 2007, Gem Diamonds listed on the London Stock Exchange and raisedover US$600 million (net of expenses) to fund development of its existing assetsas well as to pursue acquisitive growth opportunities. Gem Diamonds trades underthe code GEMD. At the time of this announcement the market capitalization of thecompany is approximately US$1,2 billion. For further information about Gem Diamonds visit www.gemdiamonds.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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