Coronavirus: Gem Diamonds Raises $12m in First Flexible Tender

(IDEX Online) - Gem Diamonds sold stones worth $12.1m at its first flexible tender sale, introduced as a result of coronavirus travel restrictions.

Its sale of large, high quality diamonds from the Letseng mine, in Lesotho, should have taken place in Antwerp from 16 to 25 March.

CEO Clifford Elphick said: The results of the initial round of the flexible tender sales process for a selection of Letseng's large diamonds demonstrates the continued demand for these high-quality diamonds

"The $12.1m raised from the sale maintains revenue and cashflow during the current challenges of the Covid-19 global pandemic".

A tender of small stones earlier this month raised $7.8m, which is 18 per cent below like-for-like prices from November 2019.  

Between 28 February and 3 March 2020, five white top-quality gem diamonds, between 33 and 114 carats were recovered, together with a 13 ct pink (see picture above).