StockMarketWire.com - diamond producer Gem Diamonds said it swung to positive cash flow after slashing its debt in the third quarter of the year, thanks to rising diamond prices.

The company reduced its net debt position by US$6.6 million, ending the period in a net cash position of US$1.1 million, compared with net debt of US$5.5 million in the first half of the year.

From 1 July 2020 to 30 September 2020, the average price achieved for was US$2215 per carat, up from US$1714 per carat in the first half of the year.

Seven diamonds sold for more than US$1.0 million each, generating revenue of US$25.6 million in the quarter, bringing the total number of diamonds sold for greater than US$1.0 million to 24 for the year to date.

n addition, US$29.8 million of the September tender proceeds were received after period end.


At 9:07am: [LON:GEMD] Gem Diamonds Ltd share price was +1.3p at 37.8p



Story provided by StockMarketWire.com