Diamond prices could remain weak

Johannesburg - Diamond miner Gem Diamonds said it saw weakness in diamond prices in the fourth quarter that could continue in early 2015, and that it mined fewer diamonds at its flagship Letseng mine in the period.

The company, which also operates the Ghaghoo mine in Botswana, said it recovered 25 525 carats of diamonds at Letseng mine in the three months to December 31, down from 28 365 carats in the preceding quarter.

Gem Diamonds achieved an average value of $2 140 per carat sold in the fourth quarter, down from an average value of $2 603 in the previous quarter. Its December Letseng tender achieved an average of $2 799 per carat, the company said.