Letseng H1 2020 sales

 18 June 2020

GEM DIAMONDS LIMITED

("Gem Diamonds" or "the Company")

Letšeng H1 2020 sales

Gem Diamonds Limited (LSE: GEMD) announces that the latest Letšeng large diamond tender has closed. 

The Company realised an average $/carat for H1 2020 of $1,707*. This compares to an average $/carat for H1 2019 of $1,687 and H2 2019 of $1,506. 

Notably, a 13 carat pink diamond achieved $40,110 per carat, and a 61 carat white Type II diamond achieved $31,400 per carat. 15 diamonds sold in H1 2020 for in excess of $1 million each and one diamond for over $5 million.

The tender was held in Antwerp and in strict compliance with Covid19 health and safety protocols and appropriate social distancing guidelines.

Clifford Elphick, CEO of the Company, commented:

"The results of the latest tender for Letšeng's large diamonds are positive. With an average dollar per carat for the first half of the year of $1,707, and with certain stones selling above their anticipated post- Covid19 valuations, it is clear that there is a good level of demand for the high quality Letšeng diamonds."

(\* The small diamond tender has not yet closed and this average dollar per carat includes the small diamonds for the latest tender at valuation).

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

For further information:

Gem Diamonds

Susan Wallace, Company Secretarial department

ir@gemdiamonds.com

Celicourt Communications

Mark Antelme / Joanna Parker

Tel: +44 (0) 208 434 2643

About Gem Diamonds:

Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. www.gemdiamonds.com