PodcastsJan 12, 2026
The latest poscasttest
SourcingSep 08, 2020
Sales, Production Slump for Miner Gem Diamonds in H1
Highlights of the first half included the recovery of a 442-carat diamond, its largest find of the year.
Gem Diamonds reported last week that it recently recovered this 233-carat Type II rough diamond from Letšeng, a mine known for producing large, high-quality diamonds. It operates Letšeng in a 70/30 partnership with the Lesotho government. (Photo courtesy of Gem Diamonds)
London—Sales and production dropped in the first half of 2020 for Gem Diamonds, as it was forced to shut down its Letšeng mine and prices for all diamonds—even large, top quality stones—slumped.
The London-based diamond miner reported Thursday that in its half-year ending June 30, total revenue fell 24 percent year-over-year to $69.5 million from $91.3 million.
The company reported a loss of $1.7 million, which includes the money it’s spending to keep the Ghaghoo project in Botswana on care and maintenance while it waits for its sale to be finalized, compared with a $4.2 million profit in the same period last year.
“Letšeng delivered satisfactory operational results notwithstanding the imposed shutdown of 30 days during the period to curb the spread of COVID-19,” said CEO Clifford Elphick.
“Letšeng delivered satisfactory operational results notwithstanding the imposed shutdown of 30 days during the period to curb the spread of COVID-19,” said CEO Clifford Elphick.
“Despite the challenging global conditions, the sales results during the period demonstrated the continued demand for Letšeng’s high-quality diamonds … It is also pleasing to note the reopening of key sectors within the diamond industry, in particular the manufacturing sector, which should support positive demand in the short to medium term.”
Gem said it recovered seven diamonds greater than 100 carats in size during the first half of the year, up from three in the same period last year.
The largest diamond it’s found so far this year is the 442-carat Type II recovered in August.
The value of its diamonds in H1 was essentially flat year-over-year, selling for an average of $1,707 per carat compared with $1,697 per carat last year.
The value of its diamonds in H1 was essentially flat year-over-year, selling for an average of $1,707 per carat compared with $1,697 per carat last year.
After a difficult year for the diamond market in 2019, the company said prices for high-quality stones were climbing in the first two months of the year, pointing toward a “modest recovery” in 2020.
But then the pandemic hit, shutting down diamond mining and manufacturing operations worldwide, dampening prices, and bringing retail, and consumers, to a standstill.
But then the pandemic hit, shutting down diamond mining and manufacturing operations worldwide, dampening prices, and bringing retail, and consumers, to a standstill.
The most valuable diamond Gem sold during the period was a 13.6-carat pink that went for $40,117 per carat, or $545,591 total.
The miner also sold a 48.16-carat Type IIa rough diamond for $33,453 per carat, or about $1.6 million total.
(The record per-carat price for a diamond from Letšeng mine is over $600,000, held by a 13-carat pink diamond Gem recovered last year.)
Production was down 24 percent to 43.3 million, as the miner was forced to put Letšeng on care and maintenance from March 28 to April 26.
Production was down 24 percent to 43.3 million, as the miner was forced to put Letšeng on care and maintenance from March 28 to April 26.
Normal production at both treatment plants didn’t ramp up until May 27, with normal waste mining not resuming until July.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’The ads celebrate the mall culture of the ‘80s and ‘90s.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
SurveysOct 07, 2024
Hill & Co.’s New ‘Business of Jewelry Report’ Is OutThe first in what is slated to be a series of in-depth reports from the consulting company, it focuses on shortening supply chains.
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—HodinkeeThe company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.
