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Market NewsNewsGem reports 80% jump in H1 revenue

Gem reports 80% jump in H1 revenue

Gem Diamonds Ltd reported an 80 percent jump in first-half revenue on Wednesday as it recovered a record number of large, high-value diamonds and the average price per carat climbed, Reuters reported.

Total pre-tax profit for the company, which operates the Letseng mine in the southern African kingdom of Lesotho, surged to $64.8 million (£50.38 million) in the first half from $2.3 million a year earlier, said the Reuters report.

Revenue jumped to $167.7 million in the six months ended June 30 from $92.9 million in the year-earlier period, the Reuters report said.

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