Gem Diamonds remains focused on optimising its core operations and developing the Ghaghoo mine in Botswana and on initiatives to reduce diamond damage at its Letšeng mine in Lesotho, the company announced in its full year results for the period ending 31 December 2013.

This focus has seen good progress made at Ghaghoo, which is on-track for commercial production commencing in the second half of 2014, and has resulted in a significant reduction in diamond damage at Letšeng.

The technological and strategic investments made during the year, together with a more stable diamond market resulted in revenue of US$213 million generated from the sale of 97 294 carats from Letšeng (an increase of 5% compared to revenue of US$202 million from the sale of 107 617 carats in the prior year) and underlying EBITDA of US$77 million (up 18% from US$66 million in 2012).

“I am delighted that the Company is able to report a pleasing set of results for 2013, during which good progress was made on all strategic initiatives, including the reduction of diamond damage at Letšeng. Operations in 2014 have begun well and we are looking forward to bringing the Ghaghoo mine into production in H2,” said Gem Diamonds CEO Clifford Elphick.

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