Flexible tender process for selected Letšeng

Gem Diamonds announces that the second round of the Letšeng flexible tender sales process has concluded and raised a further US$6.7 million for a selection of Letšeng's large, high quality diamonds.  The conclusion of the latest flexible tender sales process sees the Company achieving an average value of US$1 615 per carat for Q1 2020 (US$ 1 713 per carat in Q4 2019).

 

The flexible tender sales process was put in place as a result of the March large diamond tender being cancelled due to the travel and other Covid19 restrictions imposed by the Belgian government and the governments of the Company's clients. The flexible tender sales process will continue during the period of these restrictions.

 

Clifford Elphick, CEO of the Company, commented, "The second round of the recently introduced flexible tender sales process again demonstrates the ongoing demand for Letšeng's large, high quality diamonds.  This is further reflected in the Q1 2020 average value of US$1 615 per carat."

 

For a full description of the steps taken regarding the prevention of the Covid19 disease see the Company's website.

 

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