Gem Diamonds continues cost cuts

19th May 2009 11:43

Gem Diamonds said it continued cutting costs during the first quarter of 2009 to cope with the global downturn in diamond prices.Weakness in the market persisted into 2009, the firm said, though from March 2009 prices for the gemstone began to improve, especially for better qualities and larger sizes.Gem Diamonds has cut its workforce by 51% since October.