Gem Diamonds Says May Miss Full-Year Production Targets

19th Jul 2010 07:55

LONDON (Dow Jones)--Diamond producer Gem Diamonds Ltd. (GEMD.LN) Monday said full-year production may be behind target after strikes, rain and other problems hampered first-half production at its Letseng mine in Lesotho and Ellendale in Australia. The company said it expects to achieve its production targets for the second half but full-year production may be behind target. Gem Diamonds didn't say what its production targets are. It added prices for diamonds have risen due to demand from major markets like India, China and the U.S. and said it is examining ways to increase production. Gem Diamonds said it sold 41,544 carats from Letseng during the first half of 2010 at an average price of $1,728 a carat. It said 77,198 carats were sold from Ellendale, at an average price of $434 a carat. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 19, 2010 02:55 ET (06:55 GMT)