RNS Number: 9767 D Gem Diamonds Limited 01 July 2019. Prior to Ms Maharasoa's involvement in the mining sector, she worked in the Ministry of Natural Resources and the Central Bank of Lesotho, where she was the senior legal counsel for each of these entities.. Ms Maharasoa holds an LLM from the University of Buckingham.
RNS Number: 9763 D Gem Diamonds Limited 01 July 2019. As at 30 June 2019, the Company's issued share capital consisted of 138,983,824 Ordinary Shares of US$ 0.01 each. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana.
Gem Diamonds (GEMD LN) 89.0p, Mkt Cap £123.6m –Sale of Ghaghoo mine • Gem Diamonds reports the sale of its Ghaghoo diamond mine in Botswana which has been on care and maintenance since March 2017, to a locally registered Botswana company, Pro Civil Pty. • Pro Civil will pay US$5.4m to acquire Gem Diamonds Botswana (GDB), which owns the mine. “GDB reported for the period ended 31 December 2018, loss before tax of BPW 49.5 million (US$ 4.9 million) and, as at the same date, had gross assets of BWP 42.3 million (US$ 3.9 million)”. • The transaction, which is subject to regulatory approval in Botswana, is expected to be completed during Q3 2019. • Gem Diamonds’ CEO, Clifford Elphick, while thanking the Botswana Government for its assistance and wishing Pro Civil well for the future, explained that the sale was consistent with the company’s strategy of disposing of non-core assets and pointed out that “Gem Diamonds remains focused on optimising production and efficiency at the Letšeng mine in Lesotho”. Conclusion: Ghaghoo has been available for sale for some time and its disposal will help Gem Diamonds to concentrate on maximising the opportunity at its Letseng mine in Lesotho which continues to deliver large, valuable and high quality diamonds.
Pro Civil is a company registered in Botswana.. GDB's primary asset is the Ghaghoo diamond mine in Botswana which has been on care and maintenance since March 2017, and which is wholly owned by GDB. GDB reported for the period ended 31 December 2018, loss before tax of BPW 49.5 million and, as at the same date, had gross assets of BWP 42.3 million..
RNS Number: 7089 B Gem Diamonds Limited 11 June 2019. Report on Payments to Governments for the year ended 31 December 2018. This report provides an overview of the payments made to governments by Gem Diamonds Limited and its subsidiaries for the 31 December 2018 financial year, as required under the United Kingdom's Report on Payments to Governments...
RNS Number: 1156 B Gem Diamonds Limited 04 June 2019. RESULT OF ANNUAL GENERAL MEETING. At the Company's Annual General Meeting held at Linklaters LLP, One Silk Street London EC2Y 8 HQ, on the 4th June 2019 at 09.30 am.
RNS Number: 6229 A Gem Diamonds Limited 03 June 2019 3 June 2019. As at 31 May 2019, the Company's issued share capital consisted of 138,956,545 Ordinary Shares of US$ 0.01 each. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana.
RNS Number: 1733 Z Gem Diamonds Limited 15 May 2019 TR-1: S tandard form for notification of major holdings. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
·Recovered and sold a 13.33 carat pink diamond for a Letšeng record of US$ 656 933 per carat.. ·Sold 27 335 carats during the Period, achieving an average price of US$ 1 900 per carat.. ·Sold eight diamonds for more than US$ 1.0 million each, generating revenue of US$ 27.2 million during the Period..
RNS Number: 4375 X Gem Diamonds Limited 29 April 2019 29 April 2019. 2018 Annual Report and Notice of 2019 Annual General Meeting. In compliance with Listing Rule 9.6. 1, copies of the above documents will be submitted to the UK Listing Authority and will shortly be available for inspection via the National Store Mechanism at www.morningstar.co.uk/uk/nsm.
RNS Number: 9867 W Gem Diamonds Limited 25 April 2019. Notification of Q1 2019 Trading Update. Gem Diamonds Limited will be releasing a Trading Update for the period 1 January 2019 to 31 March 2019 on Wednesday, 8 May 2019 at 07:00am BST..
RNS Number: 4815 W Gem Diamonds Limited 23 April 2019 23 April 2019. BLOCK LISTING SIX MONTHLY RETURN. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana.
RNS Number: 4496 T Gem Diamonds Limited 20 March 2019 20 March 2019. Notifications of transactions by PDMRs. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana.
Gem Diamonds (GEMD LN) 94.8p, Mkt Cap £125.3m –Pink diamond sale sets record price per carat for Letseng mine Gem Diamonds reports that the sale of a 13.33 carat pink diamond from the Letseng mine for a total of US$8,750,360 has realised a “record dollar per carat price of US$656,933 for a Letseng diamond”. To put this sale into context following the release of the company’s 2018 annual results yesterday, this single diamond has realised the equivalent of approximately 3% of the company’s 2018 revenue of US$267m. We note that in the March 2019 edition of the highly respected specialist diamond industry “Rapaport Magazine” the “RapNet Diamond Index” shows a declining trends in the prices of both the larger stones greater than 3 carats in size and in the smaller stones less than 0.3 carats. Index levels for the smaller stones have declined by 0.33% during the month to 10th March and by 9.11% over the year while the larger stones are shown to have declined by 0.52% over the month and by 6.51% annually. Intermediate sizes of diamonds appear to have shown greater price stability with 0.50 carat stones declining 2.87% and the 1 carat diamonds declining by 2.61% respectively over the year. Conclusion: The Letseng mine continues to deliver large, valuable and high quality diamonds and despite softening in some parts of the diamond market we expect unique diamonds like the recently sold pink stone and the 15 stones larger than 100 carats produced by Letseng last year to continue to command premium prices
RNS Number: 8527 S Gem Diamonds Limited 14 March 2019. Gem Diamonds Limited is pleased to announce that a 13.33 carat pink diamond recovered at the Letšeng mine in February 2019 has been sold on tender in Antwerp for US$ 8,750,360. This represents a record dollar per carat price of US$ 656,933 for a Letšeng diamond..
Gem Diamonds (GEMD LN) 89.2p, Mkt Cap £123.9m –Strong 2018 results Gem Diamonds reports an 185% increase in attributable profit, before exceptional items, for 2018 of US$26.0m (2017 – US$9.1m). EBITDA, also reported before exceptional items, grew by 69% to US$82.3m (2017 – US$48.6m). The company has, however, elected “not to propose the payment of a dividend in respect of the 2018 financial year and ongoing focus on the Business Transformation, in order to strengthen the balance sheet.” The results are underpinned by a 13% increase in diamond production to 126,875 carats, coupled with a 13% reduction in the volume of waste removal and a 10% improvement in the average revenue to US$2,131 per carat. During the year, the Letseng mine yielded a record fifteen diamonds in excess of 100 carats in size, including a “138.28 carat white diamond achieved US$60,428 per carat, the highest dollar per carat achieved for a rough white diamond during the year” as well as the “910 carat Lesotho Legend” diamond which is described as “the fifth largest gem-quality diamond ever recovered” and which was “sold on tender in Antwerp for US$40 million in March 2018.” Including these particularly large stones, the mine also produced a record total of 257 diamonds greater than 20 carats in size (2017 – 213). The company confirms that “Prices achieved for Letšeng's large, high-value diamonds remained firm during the year. The recovery and timely sale of the 910 carat Lesotho Legend and the flexible marketing channels used in the sale of Letšeng's high-quality diamonds contributed to achieving an average price of US$2 131 per carat in 2018”. In a mine with the capacity to produce large, high value diamonds, ensuring the recovery, unbroken, of these larger diamonds the company is working on technological solutions to “identify locked diamonds within kimberlite” and “to liberate diamonds using a non-mechanical process. These technologies are aimed primarily at limiting diamond damage and reducing operating costs”. The company has approved the construction of a US$3m pilot plant at Letseng “which employs innovative technology to identify diamonds within kimberlite ore. This project will also include the use of a prototype high-voltage pulse generating unit to liberate the diamonds. We anticipate the pilot plant to be commissioned during Q2 2019.” Gem Diamonds reports a 31st December 2018 cash balance of US$50.8m (2017 – US$47.7m) and, we estimate, a net cash balance of US$16.6m (2017 – US$1.4m). After investing US$99.5m during the year (2017 – US$101.2m) the company generated free cash, before financing, of approximately US$38.9m during 2018 compared to the net outflow of US$3.8m during 2017. Commenting on what he described as a “good set of results”, Chief Executive, Clifford Elphick, confirmed that “The Business Transformation process has progressed well and remains on-track to achieve the target of US$100 million in cost savings and efficiencies by 2021. By December 2019, the initiatives already implemented are expected to deliver US$64 million to the end of 2021." Mr. Elphick also disclosed that “The mine plan for Letšeng was revised during 2018, with the aim of further reducing the waste stripping through the steepening of inter-ramp slope angles. Mining in accordance with this plan has commenced and is expected to significantly increase the net present value of the mine”. Conclusion: Gem Diamonds reports a strong performance during 2018 and is continuing to invest in optimising the mine plan at Leseng as well as developing technology to minimise loss and breakage of its larger diamonds.
·Revenue of US $267.3 million. ·Underlying EBITDA of US $82.3 million. ·Attributable profit US $26.0 million.
RNS Number: 8778 R Gem Diamonds Limited 05 March 2019. Gem Diamonds, LSE: GEMD announces that it has made applications to The Financial Conduct Authority and The London Stock Exchange for a block listing of 350,000 ordinary shares of $0.01 each in the Company. The Company owns 70% of the Let?eng mine in Lesotho and 100% of the Ghaghoo mine in Botswana.
Gem Diamonds (GEMD LN) 103.5p, Mkt Cap �143.8m – Trading update Q4 2018 Diamond recovery from the Let?eng mine included three greater than 100 carats, bringing the number of diamonds greater than 100 carats during the full year 2018 to fifteen – a company record. Total carats recovered also rose, climbing 13% to 126,875 carats (2017 – 111, 811 carats) Sales of diamonds also climbed for the quarter, rising 9% from Q3 2018 to 33,140 carats. The Company also sold nine diamonds for more than US$1m each, generating revenue of US$14.6m. The total 2018 sales hit 44 diamonds for more than US$1.0m each, generating revenue of US$137.2m The average sales prices during 2018 climbed from US$1,930/carat to US$2,131/carat, which has remained strong through early 2019 to hold an average price of US$2,004/carat. The manufacturing of the pilot plant has commenced, and the project remains on target to be commissioned at the end of Q2 2019. This project employs innovative technology to identify diamonds within kimberlite, in line with the continuing strategy of early detection of large diamonds and diamond damage reduction. The Company also remain on track to achieve its cumulative target of US$100m in incremental revenue, productivity improvements and cost savings for the 4-year period to end 2021. At the end of the Period, the Group had US$ 50.8m of cash on hand of which US$43.3m is attributable to Gem Diamonds. The Group’s net cash position was US$17.5m (of which US$ 14.0m was attributable to Gem Diamonds). At Period end, US$33.3m of available facilities had been drawn down, with undrawn and available facilities of US$57.8m. During the Period, Let?eng paid dividends of US$17.4m, resulting in a net cash flow of US$11.0m to Gem Diamonds and a cash outflow from the Group for withholding taxes of US$1.2m and payment of the Government of Lesotho’s share of dividend of US$5.2m.
�Sold nine diamonds for more than US$ 1.0 million each, generating revenue of US$ 14.6 million during the Period. This resulted in 44 diamonds being sold for more than US$ 1.0 million each during 2018, generating revenue of US$ 137.2 million.. �Achieved an average price of US$ 2 131 per carat for 2018, up 10% from US$ 1 930 per carat in 2017..
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Company Profile

Gem Diamonds is a global diamond producer with diamond mining, cutting and polishing operations throughout the world and headquartered in London. Gem Diamonds focuses towards higher value diamonds and has assets in nine countries.

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HQ
2 Eaton Gate
London
SW1W 9BJ
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