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Dividend-paying Gem Diamonds working on technologies to reduce diamond damage
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Gem Diamonds Ltd posts higher FY profits as diamond prices recover in second half of year
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Rough Market03/02/2021 11:44
In its latest trade update, Gem Diamonds, the mining company that operates the high value diamond Letšeng mine in Lesotho, presented a remarkably good report considering the impact of the pandemic on the global diamond industry. Despite an 11% drop in carats sold y-o-y to just under 100k carats, which the company attributes to the closure of the mine during a nationwide lockdown, revenue was up 4%, to US$189.2m, and Gem discovered no less than 16 100+ct stones in 2020 and reports a whopping 17% increase in achieved US$/carat price from its sales in Antwerp to 1,908 US$/ct, which is actually higher than pre-pandemic levels.
Gem Diamonds ends 2020 with a bang as demand improves
The company recovered 16 diamonds greater than 100 carats in 2020. (
Africa-focused Gem Diamonds (LON:GEMD) ended 2020 in much better shape than many of its peers as it recorded revenue growth driven mostly by a sharp recovery in prices and sales during the second half of the year.
The miner saw sales rise 4% to $189.2 million for the year, it said on Tuesday. The average price jumped 17% to $1,908 per carat, up from $1,637 per carat achieved in 2019. That outweighed an 11% decline in sales volume to 99,172 carats.
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Gem Diamonds said that in the last three months of 2020 it found four diamonds greater than 100 carats, bringing the total for the year to 16. It sold 10 of those diamonds for more than $1 million each in the fourth quarter, generating revenue of $22.6 million.
UK TRADING UPDATE SUMMARY: AVI Global Notes Ban On China Investments
Wed, 13th Jan 2021 19:19
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
AVI Global Trust PLC - invests in family-controlled holding companies, closed-end funds and asset backed opportunities - Notes US Executive Order banning investment in Chinese companies that have been identified as Communist Chinese Military Companies. Confirms it has no direct holdings in any of these 35 companies and, to the best of the investment manager s knowledge, no indirect holdings via any of its investee companies. No investments will be made directly into any CCMCs and no investments will be made into companies which are known to own CCMCs. The investment manager will continue to monitor the portfolio of investments to ensure that, to the best of their knowledge, no investee company is, or holds an investment in, a CCMC for as l
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