Gem inks CAs with potential buyers for Indonesia mine

LSE-listed Gem Diamonds has signed confidentiality agreements with eight potential buyers of its Cempaka mine in Indonesia, which it put up for sale in May. The alluvial mine has been under care and maintenance since January 2009, when the...

Letseng prices strong despite economic turmoil – Gem Diamonds

The diamond prices of Aim-listed Gem Diamonds’ flagship mine, Letseng, were higher in the final quarter of the year than the average of 2008, despite the global economic downturn, the company reported on Monday. Prices during the fourth quarter...

Project delays, mine shutdowns and cutbacks

A chronological summary of project delays, mine shutdowns and production cutbacks announced by miners around the world in response the falling metals prices and tightening financial markets. Begins July 2008.

Gem Diamonds to close Indonesian mine

Aim-listed Gem Diamonds would put its low-margin Cempaka mine in Indonesia on care-and-maintenance from January 1, the company said on Monday. The declining price of Cempaka’s rough diamonds since the onset of the global economic recession led...

Gem Diamonds reviews projects, issues profit warning

London-listed diamond producer Gem Diamonds warned on Monday that it might post a full-year loss, and that it was reassessing its operations amid the global credit crunch. The company has already halted at least two projects in Africa.

Gem Diamonds restarts mining at Indonesian alluvial operation

London-listed Gem Diamonds has recommenced mining at its Cempaka alluvial mine, in Indonesia, after local provincial authorities approved the company’s revised environmental plans for the mine. The company halted operations at the Cempaka mine...

Gem Diamonds sales sparkle, says mines perform ahead of expectations

LSE-listed Gem Diamonds reported an 81% increase in total sales to $152-million for 2007, compared with $83,9-million in the 2006 financial year.