Gem Diamonds says mines more carats in first quarter

Mon May 12, 2014 2:43am EDT

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May 12 (Reuters) - Gem Diamonds Ltd recovered more carats from its flagship Letseng diamond mine in Lesotho in the first quarter and said it sold its rough diamonds at higher prices.

The company, which is also developing the Ghaghoo mine in Botswana, said it recovered 26,055 carats from Letseng in the first quarter, up 39 percent from a year earlier.

The average value per carat from the company's first three sales of 2014 jumped 70 percent to $2,723. (Reporting by Karen Rebelo in Bangalore; Editing by Robin Paxton)