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Gem Diamonds ends 2020 with a bang as demand improves
The company recovered 16 diamonds greater than 100 carats in 2020. (
Africa-focused Gem Diamonds (LON:GEMD) ended 2020 in much better shape than many of its peers as it recorded revenue growth driven mostly by a sharp recovery in prices and sales during the second half of the year.
The miner saw sales rise 4% to $189.2 million for the year, it said on Tuesday. The average price jumped 17% to $1,908 per carat, up from $1,637 per carat achieved in 2019. That outweighed an 11% decline in sales volume to 99,172 carats.
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Gem Diamonds said that in the last three months of 2020 it found four diamonds greater than 100 carats, bringing the total for the year to 16. It sold 10 of those diamonds for more than $1 million each in the fourth quarter, generating revenue of $22.6 million. ....

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