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(Alliance News) - Gem Diamonds Ltd said a large diamond sale in Antwerp has been cancelled due to the Covid-19 outbreak.
The tender started on Monday this week and was meant to run until Wednesday next week, but it has been halted. In its place, a flexible direct sale process has been set up.
Gem said there has been "significant" demand for the diamonds in this new process. Any diamonds not sold will be kept for sale at a later date.
For the small diamond tender in Antwerp, which closed on Wednesday this week, Gem's sales of USD7.8 million were 18% lower than at the last auction, in November 2019.
Gem also reaffirmed that the Letseng mine in Lesotho is in full production. There have been no cases of Covid-19 at any of the company's operations.
Chief Executive Clifford Elphick said: "The results of the Letseng small diamond tender are resilient given the difficult circumstances under which the tender was held caused by the ongoing Covid-19 situation.
"We look forward to proceeding with the flexible sales processes in respect of the Letseng large diamond parcel which contains many high-quality diamonds."
Gem shares closed 9.7% lower on Thursday at a price of 27.00 pence each.
By George Collard; georgecollard@alliancenews.com
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