Gem Diamonds (LON:GEMD) sold the second ‘exceptional’ white diamond recovered from the Letšeng project this year.
The 357 carat diamond was sold for US$19.3mln, at US$54,000 per carat, a new record for dollars to carat ratio from the project, and follows the sale of a 314 carat white diamond earlier this year.
According to Gem, both diamonds achieved “top prices despite market conditions.”
Keiron Hodgson at Panmure Gordon, said: “It has been well documented that 2015 has seen average rough diamond prices decline by an average of 9-10% across all categories.
“Gem Diamonds however has continued to demonstrate that large, high quality diamonds, such as that produced at Letšeng, remain in demand.”
The broker added despite the “uncertain” diamond pricing environment, ~
Gem continues to outperform expectations.
Panmure reiterated its ‘buy’ recommendation and has a 198p price target, some way ahead of the current share price, which rose 3.4$ today to 129p.