Large-Stone Recoveries Fall at Gem Diamonds

RAPAPORT... Gem Diamonds’ revenue faltered during the first quarter, as it recovered fewer large diamonds from its Letšeng mine.

Sales plunged 51% to $51.9 million for the three months ending March 31, as the average price dropped 42% to $1,900 per carat. During thesame period last year, the miner sold the 910-carat Lesotho Legend for $40million, raising the average price for the...