Gloomy outlook for Ghaghoo Mine

Tuesday, February 07, 2017

Gem Diamonds says it will soon make a decision on the financial viability of its Ghaghoo mine as it does not see an immediate recovery in prices of the kind of diamonds mined at the CKGR-based mine.

In the production update for the last quarter of 2016, the London Stock Exchange listed Gem Diamonds said diamonds prices at Ghaghoo fell 30% over 2016 while production was cut by 55%.

In 2016, Ghaghoo mine produced 40,976 carats from 91,499 carats in 2015, representing a 55% fall in output.

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