March 15 Gem Diamonds Ltd reported on
Wednesday a 47 percent fall in its full-year pretax profit, hurt
by an impairment charge after it mothballed the Ghaghoo mine in
Botswana due to a fall in diamond prices.
The company recorded an impairment provision of $176.5
million after its move last month to place the Ghaghoo mine
under care and maintenance with immediate effect.
Gem Diamonds, which mines diamonds from the Letseng mine in
Lesotho and the Ghaghoo mine in Botswana, said its full-year
pretax profit fell to $52.4 million from $99 million, a year
(Reporting by Justin George Varghese in Bengaluru; Editing by