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By
Reuters
Published
Mar 16, 2010
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Gem Diamonds swings to profit; sees prices up further

By
Reuters
Published
Mar 16, 2010

By Tresa Sherin Morera

BANGALORE, March 16 (Reuters) - Gem Diamonds Ltd (GEMD.L) swung to a profit in 2009 as confidence returned to the rough diamond market, and said it saw a further boost to rising prices due to a shortage of supply at the top end of the market.


Gems from Gem Diamonds Ltd operations in Ellendale, Australia - Photo: www.gemdiamonds.com

The company said on Tuesday 16 March demand for diamond jewellery in India and China continued to grow strongly.

"Earlier, it was only America we and the diamond industry used to watch and if America caught a cold we would all panic because flu was headed our way. But it's no longer the case. There is a much more balanced set of demand," Chief Executive Clifford Elphick told Reuters.

The diamond sector, a key supplier to the jewellery industry, was one of the hardest hit when consumers curbed spending amid an economic slowdown.

The company said it saw signs of a recovery in the market, and that it was well placed to benefit from an upturn in the global economy.

"The December selling period of 2009 in the United States was stronger than what many of us had forecast," Elphick said.

In January, top diamond miner De Beers had said Christmas sales in the United States, which makes up about half of the diamond jewellery market, were better than expected and demand for rough, or unpolished, diamonds was still buoyant. [ID:nLDE60L1RW]

CEO Elphick said the company was targeting to raise production in terms of carats by 10 percent in 2010 and expected revenue of $250 million to $300 million.

Analysts on average are expecting revenue of $272.5 million in 2010, according to Thomson Reuters I/B/E/S.

BRINGING MINES BACK?

The company said it was evaluating bringing the E4 pipe at the Ellendale mine in Australia back on stream after a drop in diamond prices forced Gem, and many of its rivals, to put a number of mines on care and maintenance.

The Ellendale E9 operations and the Letseng mine in Lesotho in Africa are the company's only producing operations.

"While the prices are back, the exchange rate in Australia has deteriorated against the margins... We need a higher price than in August of 2008 in order to bring that back on stream," Elphick said.

For the year ended Dec. 31, the company said it posted a pretax profit from continuing operations of $37.1 million, compared with a loss of $367.4 million a year ago. Gem was hurt by a massive impairment charge of $338.2 million in 2008.

Revenue fell 17.7 percent to $244.4 million.

Gem, which has no debt and cash of $113.8 million as at Dec. 31, said there was no requirement for any additional capital.

Gem shares were down 1.7 percent at 240.8 pence at 1317 GMT on the London Stock Exchange. (Editing by Anne Pallivathuckal)

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