Gem Diamonds buys UK miner for $83 MN

Acquires 80% interest in Indonesian alluvial diamond mine

Post By : Diamond World News Service On 11 April 2007 12:00 AM
ABER Diamond Corp. yesterday announced record profit of $34.4 million for the second quarter, boosted by higher diamond production and retail growth.%%Net earnings for the three months ended July 31 were $34.3 million, from $19.0 million. Sales for the period ended July 31, 2006 came in at $140 million, from $115.7 million in the year earlier period.%%According to Abers chairman and chief executive Robert Gannicott both their mining and retail segments are continuing to perform well. %%Diamond production from Canada’s Diavik mine was the highest ever on a quarterly basis with Abers 40% share showing an increase of 8% to 1.1 million carats for the three months ended July 31, compared to the previous year period. Aber expects to hold two rough diamond sales in the third quarter, followed by three in the final quarter of the fiscal year.

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