Gem Diamonds’ sparkling turnaround

Gem Diamonds’ sparkling turnaround

No one buys a diamond miner for its bond-like dependability. But even by the sector’s volatile standards, Gem Diamonds’ (GEMD) first-half turnaround takes some beating. In six months the company has recovered 124 diamonds of at least 20 carats at its Letšeng mine in Lesotho. Of those, 25 have sold for $1m or more, and 10 have exceeded 100 carats. Within the latter group, a single 910-carat stone fetched $40m (£31.2m) at auction.

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