Gem Diamonds Ltd. declared that first-half sales from its South African and Australian mines were lower due to strong currencies, and that it remained cautious about demand in the United States, but its cash position was strong with no debt. For full story, click here
Shares in Gem Diamonds surged 12.9 percent, building on Friday’s 20 percent gain, as investors react to a recovery in demand for rough diamonds with market conditions looking more positive. Desmond Kilalea, a diamond analyst at RBC Capital Markets, stated: They have just raised money and we know diamond prices are getting a bit better. [...]
Gem Diamonds is likely to face difficulties in building its diamond mine in Gope as the credit crisis bites, RBC Capital Markets has said. For full story, click here
Gem Diamonds expects recent cost-cutting measures to improve its performance in 2009, but a big drop in its cash balance and predictions of lower prices had analysts at Ambrian crying “sell”. For full story, click here
Shares in Gem Diamonds rise 6.6 percent after the miner sells the 478-carat ‘Light of Letseng’ diamond for $18.4 million to a unit of UK-based Graff Diamonds. For full story, click here
Global Diamond industry is undergoing a strong transition towards growing demand for "conflict-free" or "violence-free" or ethical diamonds- guaranteed to originate from ethical and environmentally responsible sources. This transition is in response to the growing awareness among people and consumers worldwide about the so called "Blood diamonds"
Gem Diamonds may not hold a rough diamond tender in December and is reconsidering the way it runs these tenders given the fall in diamond prices, a statement issued by the company said. For full story, click here
Here at diamond investing news, we have been following how the financial crisis has been impacting the industry. For a brief summary over the past few months, it was not until the end of September that dropping revenues became an issue to diamond industry participants.
Government approves the environmental impact assessment study of Gem Diamond, bringing it closer to the approval of its diamond mining licence in Gope in Central Kgalagadi Game Reserve. Haile Mphusu, Managing Director of Gope Exploration, siad: We are very pleased with this development as it brings us one step closer to realizing our ambition to develop a [...]
Diamond prices have held their own this year, despite the markets impetuous downward spiral. Prices of top gems have been keeping the finances rolling while mid grade mass consumed diamonds sales slumped. Now, as the crisis deepens, Diamond prices are under pressure.
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