MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
SourcingSep 08, 2020
Sales, Production Slump for Miner Gem Diamonds in H1
Highlights of the first half included the recovery of a 442-carat diamond, its largest find of the year.
Gem Diamonds reported last week that it recently recovered this 233-carat Type II rough diamond from Letšeng, a mine known for producing large, high-quality diamonds. It operates Letšeng in a 70/30 partnership with the Lesotho government. (Photo courtesy of Gem Diamonds)
London—Sales and production dropped in the first half of 2020 for Gem Diamonds, as it was forced to shut down its Letšeng mine and prices for all diamonds—even large, top quality stones—slumped.
The London-based diamond miner reported Thursday that in its half-year ending June 30, total revenue fell 24 percent year-over-year to $69.5 million from $91.3 million.
The company reported a loss of $1.7 million, which includes the money it’s spending to keep the Ghaghoo project in Botswana on care and maintenance while it waits for its sale to be finalized, compared with a $4.2 million profit in the same period last year.
“Letšeng delivered satisfactory operational results notwithstanding the imposed shutdown of 30 days during the period to curb the spread of COVID-19,” said CEO Clifford Elphick.
“Letšeng delivered satisfactory operational results notwithstanding the imposed shutdown of 30 days during the period to curb the spread of COVID-19,” said CEO Clifford Elphick.
“Despite the challenging global conditions, the sales results during the period demonstrated the continued demand for Letšeng’s high-quality diamonds … It is also pleasing to note the reopening of key sectors within the diamond industry, in particular the manufacturing sector, which should support positive demand in the short to medium term.”
Gem said it recovered seven diamonds greater than 100 carats in size during the first half of the year, up from three in the same period last year.
The largest diamond it’s found so far this year is the 442-carat Type II recovered in August.
The value of its diamonds in H1 was essentially flat year-over-year, selling for an average of $1,707 per carat compared with $1,697 per carat last year.
The value of its diamonds in H1 was essentially flat year-over-year, selling for an average of $1,707 per carat compared with $1,697 per carat last year.
After a difficult year for the diamond market in 2019, the company said prices for high-quality stones were climbing in the first two months of the year, pointing toward a “modest recovery” in 2020.
But then the pandemic hit, shutting down diamond mining and manufacturing operations worldwide, dampening prices, and bringing retail, and consumers, to a standstill.
But then the pandemic hit, shutting down diamond mining and manufacturing operations worldwide, dampening prices, and bringing retail, and consumers, to a standstill.
The most valuable diamond Gem sold during the period was a 13.6-carat pink that went for $40,117 per carat, or $545,591 total.
The miner also sold a 48.16-carat Type IIa rough diamond for $33,453 per carat, or about $1.6 million total.
(The record per-carat price for a diamond from Letšeng mine is over $600,000, held by a 13-carat pink diamond Gem recovered last year.)
Production was down 24 percent to 43.3 million, as the miner was forced to put Letšeng on care and maintenance from March 28 to April 26.
Production was down 24 percent to 43.3 million, as the miner was forced to put Letšeng on care and maintenance from March 28 to April 26.
Normal production at both treatment plants didn’t ramp up until May 27, with normal waste mining not resuming until July.
More on Sourcing
The Latest
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
