Gem Diamonds Posts Record H1 Results
August 21, 11
(IDEX Online News) – Gem Diamonds reported on Friday a record profit of $50.9 million and a record attributable profit of $28.9 million the company reported on Friday. EBITDA of $90.8 million exceeds the EBITDA achieved in the whole of 2010. The diamond miner's revenues in the first half of 2011 totaled $196.5 million, rising 89.1 percent from the first half of 2010 on the back of rising rough diamond prices,.
Gem Diamonds' fancy yellow from the Ellendale mine
fetched a record average value of $4,045 p/c
In the first half of 2011, diamonds from Gem's Letseng mine achieved an average value of $3,052 p/c compared to $1,728 p/c in the first half of 2010. The exceptional mine produced in the six-month period 105 diamonds that were valued at more than $20,000 p/c.
The Ellendale fancy yellow goods fetched a record average value of $4,045 p/c. The rise in these goods was partially a result of a new pricing mechanism with Tiffany & Co. that resulted in a 35.3 percent increase in prices.