FTSE 100 closes in the red but gold price boosts miners
The FTSE 100 closed down 45 at 7,387, while the FTSE 250 lost 86 at 19,773.
Company
Gem Diamonds Limited
LON:GEMD
Gem Diamonds Limited is a leading global diamond producer of large high value diamonds. The company owns 70% of the Letšeng mine in Lesotho and is currently in the process of selling its 100% share of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.
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Gem Diamonds announces discovery of two more notable diamonds from its Letšeng mine in Lesotho
The small cap firm said it had recovered a high-quality 104.73 carat, D-colour Type IIa diamond and a 151.52 carat Type I yellow diamond from the mine.
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Gem Diamonds hails quality over quantity following its latest major discovery
The stone is entirely undamaged making this a significant recovery
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Panmure Gordon reiterates ‘buy’ rating, 156p price target on Gem Diamonds after 114 carat diamond recovered
The analyst said: “Given the paucity of large high value recoveries in recent months, we believe this recovery can precede a return to form for Gem as it migrates back towards areas of Letšeng known to historically produce large high value