October 31, 2018 / 7:03 AM / 4 months ago

Gem Diamonds raises FY production target on strong Q3 output

Oct 31 (Reuters) - Gem Diamonds Ltd raised its full-year production target on Wednesday after reporting a 16.2 percent jump in diamonds found during the quarter, as demand and prices for white rough diamonds remained firm.

The London, UK-based miner now expects to recover 120,000 carats to 124,000 carats of diamonds for the year, helped by improved mining efficiencies and consistent grade recoveries during the quarter ended Sept. 30. It had earlier guided to a range of 114,000 carats to 118,000 carats.

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr

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