Gem Diamonds

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Gem Diamonds
Type Public (LSE: GEMD)
Industry Diamond Mining
Founded 2005
Headquarters London, England, UK
Key people Roger Davis, Chairman
Clifford Elphick, CEO
Revenue £395.6 million (2011)[1]
Operating income £153.6 million (2011)[1]
Net income £102.8 million (2011)[1]
Website www.gemdiamonds.com

Gem Diamonds is a British-based global diamond mining business. It is headquartered in London and is listed on the London Stock Exchange.

History

The business was founded by Clifford Elphick in July 2005.[2] In 2006 the company announced that it had found a diamond of 603 carats (120.6 g) at the Letseng diamond mine.[3] The Company was first listed on the London Stock Exchange in 2007.[4]

In 2007 the company began diamond prospecting on traditional Bushmen lands in Botswana. Survival International alleged that the company had not carried out sufficient consultation with the Bushmen, many of whom have been forced from their homes.[5]

Construction of the first phase of a mine, Ghaghoo, located 45 km within the Eastern border of the Central Kalahari Game Reserve began in 2011. http://www.gemdiamonds.com/gem/en/operations/botswana/#Operations It is an incredibly controversial matter as the government of Botswana has allowed for mining exploration and construction within a game reserve originally intended for the Bushmen and the wildlife they subsist on. While one cannot directly prove the governments intentions, ironically a year before this exploration began the government started the forced removal of the Bushmen from their lands.

Operations

The Company has mines in the following locations:

See also

References

  1. ↑ 1.0 1.1 1.2 Preliminary Results 2011
  2. ↑ Gem Diamonds May Close Mine Following Price Plunge Bloomberg, 1 April 2009
  3. ↑ Lesotho diamond put up for sale BBC News, 5 October 2006
  4. ↑ Gem Diamonds sparkles in R4bn London IPO Mining Weekly, 14 February 2007
  5. ↑ Controversy stalks Gem Diamonds’ Botswana project, October 30, 2007. Minweb.com. Accessed on March 2, 2009.

External links

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