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Gem Diamonds to sell first Botswana diamonds

London - The first diamonds recovered from Gem Diamonds' new mine in Botswana will go on sale in February, the company said on Thursday.

The Ghaghoo mine, officially opened on September 5, had produced 4 028 carats by the end of September. Gem Diamonds has drawn down the entire $25m debt facility for the first phase of the mine's development, the company said.

"We are pleased to have completed the construction of the mine on time and within budget and to have overcome the challenges posed by developing a decline through some 80 metres of sand," chief executive Clifford Elphick said in a statement.

READ: Gem Diamonds core earnings jump 87%

The first Ghaghoo diamonds will be sold alongside stones from the company's 70%-owned Letseng mine in Lesotho, the source of some of the largest white gem-quality diamonds on record.

Gem Diamonds said it had recovered 28 365 carats from Letseng in the quarter ended Septmebr 30, slightly fewer than the 28 623 carats mined in the preceding three months.

ALSO READ: Gem Diamonds sells white diamond for $10.6m

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