March 19, 2020 / 8:28 AM / 22 days ago

Gem Diamonds cancels tender in Belgium after virus-related restrictions

March 19 (Reuters) - Gem Diamonds Ltd said on Thursday a large diamond tender in Belgium was cancelled midway following government restrictions imposed to curb the coronavirus’ spread.

The UK-based diamond producer said the Letseng large diamond tender, which started on March 16 and was scheduled to be closed on March 25, was called off and will be replaced by a “flexible direct sale process”.

The company said the Letseng small diamond tender, which closed on Wednesday, realised $7.8 million, 18% below the like-for-like prices reached in the previous tender held in November last year. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Aditya Soni)

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