CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
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
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
