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The dazzling diamond industry

diamonds. 3d rendering image

 

With the upcoming unveiling of the ‘Blue Moon’ diamond in LA’s Natural History Museum, LuxuryMena.com investigates the sparkling diamond industry.

The rare 12-carat cushion-cut diamond will make its first public appearance in an exhibition at the museum from September 13 to January 6.

The diamond industry is thriving, with a number of exquisite rocks continuously turning heads.

With the market currently standing tall, Gem Diamonds Limited records revenue of $148.9 million in H1 of 2014, compared with $96.5m in the same period last year, according to its 2014 half-year results.

“The first half of 2014 was a very strong start to the year for Gem Diamonds, with an exceptional performance at Letšeng,” explains Clifford Elphick, chief executive of Gem Diamonds, in a statement about the company’s half-year results.

If boasting a 54 per cent increase in revenue was not enough to prove the growth of the diamond business, the company also posted an attributable profit of $19.7m, compared with $8.6m in the same period last year, a 129 per cent increase.

“The ongoing focus on low capex, value-accretive projects, resulting in increased diamond liberation and reduced diamond damage have been implemented at Letšeng and are bearing fruit,” explains Elphick. “This, together with the current mine plan and the higher proportion of Satellite Pipe ore mined during the period, has resulted in a 29 per cent increase in carats recovered compared with the corresponding 2013 period.”

With three diamonds greater than 100 carats recovered in the first half of this year – at 162.02, 161.31 and 132.55 carats – the company achieved a total sales value of $21m on these three diamonds alone.

“The company has increased its cash position to a group cash balance of $144m, which is significant given the board’s stated intention of considering paying a maiden dividend for the 2014 year,” explains Elphick.

With such strong development during the first half of the year, the diamond industry is bound to expand and mature even more throughout the second half of 2014. Watch this space.

 

 

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