(Alliance News) - Gem Diamonds Ltd said Wednesday the first round of flexible tender sales for Letseng large diamonds concluded on Thursday last week.
The sales process raised USD12.1 million, and was put in place as a result of March's large diamond tender being cancelled due to travel and other Covid-19 related restrictions put in place by several governments.
The tender sales process will continue during the period of ongoing restrictions.
On Thursday last week, the diamond miner placed the Letseng mine in Lesotho on care and maintenance for three weeks, due to a government-enforced lockdown.
"The results of the initial round of the flexible tender sales process for a selection of Letseng's large diamonds demonstrates the continued demand for these high-quality diamonds. The USD12.1 million raised from the sale maintains revenue and cash flow during the current challenges of the Covid-19 global pandemic," said Chief Executive Officer Clifford Elphick.
Shares in Gem Diamonds were up 4.0% at 29.34 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Gem Diamonds Di (GEMD)