Gem Diamonds places all bets on big stones

Gem Diamonds places all bets on big stones

Twelve months ago, Gem Diamonds (GEMD) was "pleased to announce" results for 2015. Exactly a year on, the miner dropped all reference to pleasure, as it revealed the damaging effects of lower prices and fewer big stone recoveries. And while revenues weren't impacted by the post-period decision to indefinitely suspend production from the Ghagoo mine in Botswana, Gem booked a $171m (£138m) impairment against the asset within the 2016 accounts, thereby pushing up the heavy reported loss.

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