 | |
| Public (LSE: GEMD) | |
| ISIN | VGG379591065  |
| Industry | Diamond Mining |
| Founded | 2005 |
| Headquarters | London, England, UK |
Key people | Harry Kenyon-Slaney, Chairman Clifford Elphick, CEO |
| Revenue | $214.3 million (2017) [1] |
| Website | www.gemdiamonds.com |
Gem Diamonds is a British-based global diamond mining business. It is headquartered in London and is listed on the London Stock Exchange. In 2017, the company generated a profit of $20.8 million. [2]
The business was founded by Clifford Elphick in July 2005. [3]
The company acquired Letšeng diamond mine in 2006, and has since found five of the 20 largest known white gem quality diamonds, elevating the mine to the highest dollar-per-carat kimberlite diamond operation in the world. [4]
The company was first listed on the London Stock Exchange in 2007. [5]
In 2007, the company began diamond prospecting on traditional Bushmen lands in Botswana. Survival International alleged that the company had not carried out sufficient consultation with the Bushmen, many of whom have been forced from their homes. [6]
Construction of the first phase of a mine, Ghaghoo, located 45 km within the Eastern border of the Central Kalahari Game Reserve began in 2011. [7] It is a controversial matter as the government of Botswana has allowed for mining exploration and construction within a game reserve originally intended for the Bushmen and the wildlife they subsist on. While one cannot directly prove the government's intentions, a year before this exploration began the government started the forced removal of the Bushmen from their lands.
In 2006, the company announced that it had found a diamond of 603 carats (120.6 g) at the Letseng diamond mine in Lesotho, which became known as the Lesotho Promise. [8]
In January 2018, a larger stone was discovered at Letseng, measuring 910 carats (182 g) — the fifth-largest gem-quality diamond ever found. [4] [9] Named the Lesotho Legend, the gem sold in Antwerp, Belgium to Samir Gems on 12 March 2018 for $40 million. [10] [11]
In March 2018, the company announced recovery of its seventh diamond over 100 carats at Letseng during the first quarter of 2018, a "top white colour Type IIa diamond," measured at 169 carats (33.8 g). [12] [13]
Several of Gem Diamond's significant finds in Lesotho have been purchased by Graff Diamonds.
The Company has mines in the following locations:
The economy of Botswana is currently one of the world's fastest growing economies, averaging about 5% per annum over the past decade. Growth in private sector employment averaged about 10% per annum during the first 30 years of the country's independence. After a period of stagnation at the turn of the 21st century, Botswana's economy registered strong levels of growth, with GDP growth exceeding 6-7% targets. Botswana has been praised by the African Development Bank for sustaining one of the world's longest economic booms. Economic growth since the late 1960s has been on par with some of Asia's largest economies. The government has consistently maintained budget surpluses and has extensive foreign-exchange reserves.
The Argyle Diamond Mine is a diamond mine located in the East Kimberley region in the remote north of Western Australia. Argyle is the fourth-largest diamond producer in the world by volume, although due to the low proportion of gem-quality diamonds it is set to close by 2020. It is the only known significant source of pink and red diamonds, producing over 90% of the world's supply. It additionally provides a large proportion of other naturally coloured diamonds, including champagne, cognac and rare blue diamonds. On June 21, 2015, after more than 11 years and 42 kilometres of tunnelling, the Argyle underground block cave development was officially completed. In 2013, Argyle is estimated to produce 10.2 million carats with an average per carat price of $25/carat.
The Diavik Diamond Mine is a diamond mine in the North Slave Region of the Northwest Territories, Canada, about 300 km (190 mi) northeast of Yellowknife.
The Merlin diamond mine is one of only three diamond mines in Australia. The mine is located in the Northern Territory of Australia, about 80 kilometres south of Borroloola. The mine operated for a period of about three years from 2000 to mid-2003, during which time it produced about 500,000 carats (100 kg) of high quality diamonds.
Debswana Diamond Company Ltd, or simply Debswana, is a mining company located in Botswana, and is the world's leading producer of diamonds by value. Debswana is a joint venture between the government of Botswana and the South African diamond company De Beers; each party owns 50% of the company. Debswana operates four diamond mines in central Botswana, as well as a coal mine.
The Premier Mine is an underground diamond mine owned by Petra Diamonds in the town of Cullinan, 40 kilometres (25 mi) east of Pretoria, Gauteng Province, South Africa. Established in 1902, it was renamed the Cullinan Diamond Mine in November 2003 in celebration of its centenary. The mine rose to prominence in 1905, when the Cullinan Diamond – the largest rough diamond of gem quality ever found – was discovered there. The mine has produced over 750 stones that are greater than 100 carats (20 g) and more than a quarter of all the world's diamonds that are greater than 400 carats (80 g). It is also the only significant source of blue diamonds in the world.
Alrosa is a Russian group of diamond mining companies that specialize in exploration, mining, manufacture, and sale of diamonds. The company leads the world in diamond mining by volume. Mining takes place in Western Yakutia, the Arkhangelsk region, and Africa. Alrosa is Russia's leading diamond company accounting for 95% of country's diamond production and 27% of the global diamond extraction.
The Lesotho Promise, a 603 carat diamond stone of exceptional colour was unearthed on 22 August 2006 at the Letseng diamond mine in the mountain kingdom of Lesotho. Announced on 4 October 2006, it was the largest reported find this century and the 15th largest diamond ever found. The stone is rated 'D', the top colour band for diamonds.
The Letšeng diamond mine, found in the landlocked Southern African kingdom of Lesotho, is owned by Gem Diamonds, Ltd. and the government of Lesotho, and at an elevation of 3,100 m (10,000 ft) it is the world's highest diamond mine.
Firestone Diamonds plc is an AIM-listed United Kingdom-based company, operating in Lesotho and Botswana. In May 2018, the firm announced the appointment of Paul Bosma as CEO slated to succeed Stuart Brown on July 1, 2018.
The mineral industry of Botswana has dominated the national economy since the 1970s. Diamond has been the leading component of the mineral sector since large-scale diamond production began in 1972. Most of Botswana's diamond production is of gem quality, resulting in the country's position as the world's leading producer of diamond by value. Copper, gold, nickel, and soda ash production also has held significant, though smaller, roles in the economy. In 2005, mining accounted for about 38% of Botswana's real gross domestic product (GDP), and more than 50% of government revenues were derived from mining and mineral-processing activity. In 2005, the nominal value of minerals produced in Botswana exceeded that of 2004 by about 20% in U.S. dollars. Much of the increase was attributed to higher international mineral prices. Diamond, copper-nickel matte, and gold, in order of value, accounted for most of the increase.
Petra Diamonds Ltd is a diamond mining group headquartered in Jersey. It has a diversified portfolio, with interests in eight producing mines in South Africa and Tanzania and an exploration programme in Botswana. Petra Diamonds' focus has shifted from exploration to production, becoming one of the largest independent producers of diamonds in Africa. In June 2012, Petra owns 5 of the world's most productive mines historically. These mines include the Cullinan Diamond Mine famed for having produced the world's largest rough and polished diamond. It is listed on the London Stock Exchange.
Kelsey Lake Diamond Mine is a defunct diamond mine in Colorado, USA. It is located in the State Line Kimberlite District, near the Wyoming border, and consists of nine kimberlite volcanic pipes, of which two were open pit mined.
Brown diamonds are the most common color variety of natural diamonds. In most mines, brown diamonds account for 15% of production. The brown color makes them less attractive as gemstones because of the reduced glimmer, and most are used for industrial purposes. However, improved marketing programs, especially in Australia and the United States, have resulted in brown diamonds becoming valued as gemstones and even referred to as chocolate diamonds.
Graff is a British multinational jeweller based in London. It was founded by British jeweller Laurence Graff in 1960. A vertically integrated company, Graff operations comprise the design, manufacture and retail distribution of jewellery and watches.
Lucara Diamond Corp. is a diamond exploration and mining company, founded in 2009 by two Canadian mining executives, Eira Thomas, Catherine McLeod-Seltzer and Swedish-Canadian mining billionaire Lukas Lundin, operating in southern Africa but established in Canada. In November 2015, Lesedi La Rona, the world's second largest gem-quality diamond ever found, was found at the Karowe mine in Botswana.
The mining industry of Lesotho is mostly concentrated on diamond mining and as such the mining sector in the country has not played any significant role in furthering its economy. Apart from diamonds, the country's main mineral resources have been identified as base metals, clays, dimension stone, sand, gravel and uranium. The lack of initiative to extract other minerals commercially is mainly attributed to the inadequacy of infrastructure and finances. Between 2000 and 2011, the percentage of GDP contributed by diamond mining to Lesotho's economy rose from "virtually zero" to about 4%.
Lesedi La Rona, formerly known in media as Karowe AK6 or as Quad 1 by the personnel at the mine, is the fourth-largest diamond ever found, and the second-largest of gem quality. Only the non-gem black Sergio and the gem-quality Cullinan were larger. It was found in the Karowe mine, in Botswana on 16 November 2015.
The Sierra Leone Diamond is a 709-carat, alluvial diamond found in 2017 by workers hired by Pastor Emmanuel Momoh in river sediment in Koidu village, Kono district, Sierra Leone. It has since been renamed The Peace Diamond.