Gem Diamonds ended 2007 with a profit of $23.23 million boosted by an increase in production at its Letseng mine in Lesotho, and higher prices achieved for larger rough diamonds during the year. The company’s previous reporting period, the six months ending December 31, 2006, showed a net loss of $5.12 million. “These strong financial results demonstrate the merit of the company’s strategy to focus on the top end of the diamond market, a sector that continues to show remarkable price increases in line with strong demand fundamentals,” said Clifford Elphick, chief executive officer of Gem Diamonds.

Read Full Story