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Gem Diamonds underlying core earnings rise

New York - Gem Diamonds' full-year underlying core earnings rose 18%, benefiting from higher diamond prices in 2013.

The company, which owns the Leteng mine in Lesotho and is developing the Ghaghoo mine in Botswana, said operations in 2014 had begun well and that it expected to bring Ghaghoo into production in the second half of the year.

Underlying core earnings or earnings before interest, tax, depreciation and amortisation increased to $77m for the year ended December 31 from $66m a year earlier. Revenue grew 5% to $213m.

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