Gem Diamonds

Primary ticker: LSE:GEMD
Stage of development: Production
Primary minerals: Diamonds
Project to promote: Letšeng

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Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.

Management Profile

Clifford Elphick – Chief Executive Officer

Clifford formed Gem Diamonds in July 2005 having started his career at Anglo American Corporation in 1986 from where he was seconded to E. Oppenheimer and Son as Harry Oppenheimer’s personal assistant in 1988. In 1990, he was appointed Managing Director of E. Oppenheimer and Son, a position he held until leaving in December 2004. During that time, Clifford was also a Director of Central Holdings, Anglo American and DB Investments. Following the privatisation of De Beers in 2000, Clifford served on the De Beers Executive Committee.

What is your rationale for attending 121 Mining Investment?

Looking to meet with investors interested in the diamond market, with a focus on the high value end of the market in which Gem sits.

What recent news would you like to highlight to investors attending?

2018 has been a strong performance year at Letšeng, with a record number of 100+ carat diamond recovered so a total of thirteen as reported at 31 October 2018. The results of the proof of concept trials to identify and liberate diamonds within kimberlite ore have progressed well and this technology will now be tested on site at Letšeng as part of a pilot project.
The business transformation process has maintained momentum and remains on track to achieve its cumulative 4-year target of US$100 million in incremental revenue, productivity improvements and cost savings by the end of 2021.