Shares 

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.

To continue reading, register today

to enjoy limited access to the following:

  • Daily trading news
  • Funds coverage
  • Features on big investment themes
  • Comprehensive companies coverage
  • Economic analysis
Register
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now