diamond news, page-1715

im so very pleased you find the ''diamond news'' thread interesting
and full of valuable information for the ''switched on'' investor,
just like what's going on around our other lease (Botswana) etc

Gem Diamonds reported average prices at its Letśeng mine in Lesotho dropped 16 percent in the first half due to a shift in mining to lower-value but higher-grade areas.

The price fell to $1,899 per carat from $2,264 a carat a year earlier, with the shift in mining resulting in fewer large diamonds -- above 100 carats -- being recovered. Despite lower prices and volume of sales surging 19 percent to 55,959 carats, revenue was flat at $106.3 million.

The company expects a “modest recovery” in rough prices in the second half after it saw some improvement in its index on a like for like basis in the second quarter. However, liquidity constraints, higher inventory of polished and an uncertain macroeconomic outlook continue to characterize the polished market, the group said.

Gem Diamonds announced in February it is slowing development of its Ghaghoo mine in Botswana due to weaker market conditions. Production, which was launched at the beginning of 2015, plunged 63 percent to 20,876 carats in the first half

And how DeBeers are travelling ?
Jul 20, 2016
De Beers sales volume spiked in the first half as diamond manufacturers restocked inventory that had depleted toward the end of last year.
Sales surged 29 percent from a year ago to 17.2 million carats, while average realized prices dropped 14 percent to $177 per carat, according to parent company Anglo American. De Beers rough price index, which monitors prices on a like-for-like basis, dived 16 percent from a year ago. The gauge fell 8 percent from the beginning of  2016, Anglo American reported.
Mark Cutifani, Anglo American’s chief executive officer, pointed out the increase in sales and “more normal trading conditions” in the January-to-June period were helped in part by several moves by De Beers last year that included a significant cut in the supply of rough.
De Beers also scaled back its mining operations, resulting in production declining 15 percent to 13.314 million carats in the period under review. The company placed its Damtshaa mine in Botswana and the Snap Lake operation in Canada on care and maintenance, and sold its Kimberley mines in South Africa. Output in Botswana retreated 9 percent to 10.512 million carats, accounting for a vast majority of De Beers total supply.
De Beers maintained its production outlook for this year at 26 to 28 million carats.

And Firestone having a fire sale
Jul 20, 2016
Firestone Diamonds said it expects to host its first sale of rough in January as construction at the Liqhobong mine in Lesotho continues ahead of schedule.

Development of the mine was 85 percent complete at the end of June, ahead of a revised target of 81 percent at that time, the company said. Production is expected to come on stream in the fourth quarter.

The mine will take at least six months to reach full capacity of 1 million carats per year and is expected to yield between 380,000 and 450,000 carats in the fiscal year ending June 30.

Initial sales will come from the treated lower-grade ore currently available at the plant rather than run-of-mine production. Firestone is planning two sales per quarter which will be held in Antwerp, it said.

all very interesting indeed,
enjoy the read
ill try and post more to keep you ''switched on'' (wakey wakey)

sure could do with something from our mob soon
all reports from Rapaport News

glt lommers.....