• GEM DIAMONDS

  • UNITED KINGDOM

  • BELGIUM

  • LESOTHO

  • BOTSWANA

  • SOUTH AFRICA

  • CYPRUS

GEM DIAMONDS

United Kingdom

Belgium

LESOTHO

Botswana

SOUTH AFRICA

CYPRUS

Gem Diamonds at a glance

United Kingdom: Head offices in London. Listed on the LSE (GEMD)

Belgium: Diamond sorting, sales and marketing, analysis and manufacturing in Antwerp

Lesotho: Letšeng Diamonds (Pty) Limited and Letšeng Diamond mine

Botswana: Gem Diamonds Botswana (Pty) Limited and Ghaghoo mine

South Africa: Gem Diamond Technical Services (Pty) Limited in Johannesburg

Cyprus: Gem Diamonds in Cyprus

The Group owns the Letšeng Diamond mine in Lesotho and the Ghaghoo mine in Botswana, with head offices in the United Kingdom and Sales, Marketing and Manufacturing capabilities in Belgium.

Since Gem Diamonds acquired Letšeng in 2006, it has recovered more than 115 greater than 100 carat, rough diamonds. Letšeng is renowned for its large top colour exceptional white diamonds, making it the highest average dollar per carat kimberlite diamond mine in the world.

In addition, Letšeng has produced high quality pink and blue diamonds, with a rare blue diamond achieving a sales price of US$603 047 per carat in 2013 and an exceptional pink diamond achieving US$187 700 per carat in 2016.

Gem Diamonds at a glance

United Kingdom: Head offices in London. Listed on the LSE (GEMD)

Address: 2 Eaton Gate
London SW1W 9BJ
United Kingdom

Tel:  +44 203 043 0280

The Group’s holding company is listed on the London Stock Exchange and has oversight of Governance structures and the Board’s strategic plans.

Gem Diamonds at a glance

Belgium: Diamond sorting, sales and marketing, analysis and manufacturing in Antwerp

Address: Kneller Building
Hoveniersstraat 50-52
2018 Antwerp

Tel:  +32 3 203 4080

Ownership

100% held subsidiaries

Description of operation

Gem Diamonds Marketing Services BVBA – Established October 2010

The Group’s diamonds sorting, sales and marketing operation, Gem Diamond Marketing Services BVBA, has implemented a dynamic and flexible sales strategy for its high value diamonds from the Letšeng mine in Lesotho which focuses on:

  • maximising the revenue achieved on diamond sales;
  • developing the Gem Diamonds brand in the market; and
  • enhancing customer relationships.

Baobab Technologies BVBA – Established April 2012

The Group’s high-tech diamond analysis and manufacturing operation, Baobab Technologies BVBA, is tasked with:

  • understanding the value of exceptional rough diamonds through mapping and analysis; and
  • managing the manufacturing process of selected diamonds for final polished sale.

Gem Diamonds at a glance

Lesotho: Letšeng Diamonds (Pty) Limited and Letšeng Diamond mine

Letšeng Diamonds (Pty) Limited Address:
Letšeng Diamonds House
Corner Kingsway and Old School Road
2Maseru. 0100
Lesotho

Tel:  +266 2222 1800

Letšeng Diamond mine Address:
Letšeng la Terai Mine
Mokhotlong
Lesotho

Tel:  +266 2222 1800

Ownership

70% Gem Diamonds Limited

30% Government of the Kingdom of Lesotho

Acquired

July 2006

Description of operation

The Group’s open pit mining operation in Lesotho focuses on:

  • Mining and processing ore efficiently and safely from its two kimberlite pipes (Main and Satellite pipe)
  • Optimising expansion projects to reduce diamond damage, diamond theft and to improve diamond liberation; and
  • Implementing optimised life of mine (LoM) extensions.

Total resources

5.0 million carats (as at 1 January 2015)

In-situ value

US$10.3 billion (as at 1 January 2015)

View website: https://www.letsengdiamonds.co.ls/

Gem Diamonds at a glance

Botswana: Gem Diamonds Botswana (Pty) Limited and Ghaghoo mine

Gem Diamonds Botswana (Pty) Limited Address:
Unit 4
Plot 20614
Block 3 Industrial
Gaborone
Botswana

P O Box 401304
Gaborone
Botswana
Tel:  +267 318 4288

Ownership

100% Gem Diamonds Limited

Acquired

May 2007

Description of operation

Ghaghoo, the Group’s underground development in Botswana was placed on care and maintenance in February 2017 due to market conditions, with full care and maintenance status achieved in March 2017. A formal sale process is underway to sell the Ghaghoo mine.

Total resources

20.5 million carats (as at 1 January 2014)

In-situ value

US$4.9 billion (as at 1 January 2014)

Gem Diamonds at a glance

South Africa: Gem Diamond Technical Services (Pty) Limited in Johannesburg

Gem Diamond Technical Services (Pty) Limited Address:
Unit 4
Illovo Corner
24 Fricker Rd
Illovo Boulevard
Johannesburg 2196

South Africa

PO Box 55316

Northlands, 2116
South Africa
Tel:  +27 11 560 9600

Ownership

100% owned subsidiary

Description of operation

Established June 2005.

The Group’s technical services company, Gem Diamond Technical Services (Pty) Ltd provides technical services to all companies within the Group.

For more information on our Privacy Policy, please follow this link: Gem Diamond Technical Services (Pty) Limited's Privacy Policy

Gem Diamonds at a glance

Cyprus: Gem Diamonds Innovation Solutions CY Limited

Address: Ifigeneias 17
Strovolos
2007
Leykosia
Kypros
Tel:  +27 11 560 9600

Ownership

Gem Diamonds Investments (100% ownership)

Description of operation

This Cyprus company houses the Group’s innovation and technology research and development projects and related intellectual property rights.

A purpose and vision extending beyond financial measures

  • CARAT
  • CLARITY
  • CUT
  • COLOUR

Purpose

Unearthing unique possibilities

Vision

To support, develop and empower our people so that:
  • a meaningful, sustainable contribution can be made to the countries in which we operate;
  • we can deliver long-term value to our shareholders.
  • our employees can benefit in the short and long term; and

Values

The way we do things

Care – We listen and respond responsibly to the needs of our employees, communities and shareholders. We honour our commitments to all stakeholders, and we care for the natural environment in which we operate.

Trust – We empower our people and trust them to make decisions that will deliver on our strategy.

Ethical – We have zero tolerance for bribery and corruption and conduct ourselves in a manner consistent with good governance practices. We pride ourselves on being socially and environmentally responsible.

Respect – We cultivate an open and transparent culture where we value the beliefs, ideas and contributions of all our stakeholders. Everyone matters and is treated equally. We pride ourselves on the respect we have for all our stakeholders and the natural environment in which we operate.

Flexible and open-minded – We encourage and consider ideas from employees and project-affected communities while remaining responsive and agile.

Passionate and fun – We enjoy the work that we are fortunate to do and the people we do it with. We seek opportunities to explore and develop while encouraging a healthy work-life balance.

Culture

At Gem Diamonds we invest in our workforce to create an environment where every person is proud to be part of our family. Mutual respect and care are not only shared throughout the Group but extend to the wider society and the natural environment in which we operate. Individuals are valued for their differences and are empowered to thrive, grow and contribute to a common goal, holding themselves and each other accountable for delivering on their promises.

A purpose and vision extending beyond financial measures

Purpose

Unearthing unique possibilities

Vision

To support, develop and empower our people so that:

  • a meaningful, sustainable contribution can be made to the countries in which we operate;
  • our employees can benefit in the short and long term; and
  • we can deliver long-term value to our shareholders.

Values

The way we do things

Care – We listen and respond responsibly to the needs of our employees, communities and shareholders. We honour our commitments to all stakeholders, which include the natural environment in which we operate.

Trust – We empower our people and trust them to make decisions that will deliver on our strategy.

Ethical – We have zero tolerance for bribery and corruption and conduct ourselves in a manner consistent with good governance practices. We pride ourselves on being socially and environmentally responsible.

Respect – Everyone matters and is treated equally. We cultivate an open and transparent environment where we value the beliefs, ideas and contributions of our employees, communities and shareholders.

Flexible and open-minded – We encourage and consider ideas from employees while remaining responsive and agile.

Passionate and fun – We enjoy the work that we are fortunate to do and the people we do it with. We seek opportunities to explore and develop while encouraging a work-life balance.

Culture Statement

At Gem we invest in our workforce to create an environment where every person is proud to be part of our family. Mutual respect and care are not only shared throughout the Group but extend to the wider society. Individuals are valued for their differences and are empowered to thrive, grow and contribute to a common goal, holding themselves and each other accountable for delivering on their promises.

Our strategy

How we create value

Letšeng, our core diamond mine, is the highest achieving average US$ per carat kimberlite mine in the world. The operation is an open pit diamond mine with two kimberlite pipes, the Main pipe and the Satellite pipe, which are 17.0 and 5.2 hectares respectively.

At Letšeng, ore is processed through three treatment plants with an annual throughput of 6.4 million to 6.6 million tonnes. Although Letšeng’s grade recovery is low (averaging just under two carats per hundred tonnes), it is famous for producing large, high-value diamonds.

Our diamonds produced are predominantly sold through a tender process by our sales and marketing operation in Antwerp, Belgium. Through mapping and analysis, the value of the Letšeng high-quality diamonds is determined and used to achieve the highest rough value through multiple selling channels. A selection of high-value diamonds are manufactured to capture additional value through polished sales.

Our strategy

How we create value

Mining

Letšeng, our core diamond mine, is the highest achieving average US$ per carat kimberlite mine in the world. The operation is an open pit diamond mine with two kimberlite pipes, the Main pipe and the Satellite pipe, which are 17.0 and 5.2 hectares respectively.

Processing

At Letšeng, ore is processed through three treatment plants with an annual throughput of 6.4 million to 6.6 million tonnes. Although Letšeng’s grade recovery is low (averaging just under two carats per hundred tonnes), it is famous for producing large, high-value diamonds.

Sales and Marketing

Our diamonds produced are predominantly sold through a tender process by our sales and marketing operation in Antwerp, Belgium. Through mapping and analysis, the value of the Letšeng high-quality diamonds is determined and used to achieve the highest rough value through multiple selling channels. A selection of high-value diamonds are manufactured to capture additional value through polished sales.

Our strategy is underpinned by three key priorities which we believe will deliver maximum value for
all stakeholders through our business cycle.

01

Extracting
maximum value
from our operations

02

Working
responsibly and
maintaining our
social licence

03

Preparing for
our future

Extracting maximum value from our operations

Optimise operating model

Reduce diamond damage

Embed a culture of continuous improvement

2021 performance

Recovery of 225 diamonds >20 carats and 6 diamonds >100 carats

Workforce, communities, supply chains and production continued to be negatively impacted by COVID-19.

BT four-year target of US$100 million in revenue, productivity and cost savings exceeded.

Letšeng implemented an improved mine waste dumping strategy

Partnership agreements with strategic manufacturers resulted in additional earnings of US$0.2 million.

Cash generated from operating activities amounted to US$71.3 million.

Net cash position of US$20.9 million.

KPIs related to the objective
  • Underlying EBITDA
  • Return on average capital employed
  • Basic earnings per share
  • Cash generated from operating activities
  • Ore tonnes treated
  • Carats recovered
  • >20 carat diamond recoveries
  • Average US$ per carat achieved

Working responsibly and maintaining our social licence

Promote a culture of zero harm and responsible care

Adoption of six priority UN SDGs:

  • No poverty
  • Good health and wellbeing
  • Clean water and sanitation
  • Decent work and economic growth
  • Reduced inequalities
  • Responsible consumption and production

Participating in the GIA’s blockchain technology initiative

2021 performance

Zero fatalities

Group-wide LTIFR of 0.24

Group-wide AIFR of 0.93

Zero major or significant community or environmental incidents

COVID-19 Detection and Management Protocol remains in place and has proven extremely effective

Continued investment in local communities

Letšeng achieved ISO 14001 and 45001 recertification

KPIs related to the objective
  • Zero fatalities
  • LTIFR
  • AIFR
  • Zero major environmental or stakeholder incidents
  • Sustainability legal compliance
  • Community investment
  • ISO certifications

Preparing for our future

Advance innovative technologies focusing on reducing diamond damage and reducing costs

Assess external growth opportunities

Long-term mine planning and optimisation

2021 performance

Continued to investigate technologies for reducing diamond damage and reducing costs.

Letšeng long-term mine plan reviewed and revised to be implemented in 2022.

Commenced conceptual study on potential economic viability and mining method for underground expansion of the Satellite pipe. Further studies to be undertaken in 2022.

Pilot project undertaken to test a surface miner on site at Letšeng which showed a potential increase in plant throughput. Further evaluation planned in 2022.

Work undertaken to identify and respond to both physical and transition risks associated with climate change to ensure appropriate planning for and mitigation of the impact of climate change risks.

KPIs related to the objective
  • Capital expenditure
  • Waste tonnes mined
  • Extending life of mine
  • Mining in accordance with life of mine plan
  • Mergers and acquisitions

Leadership

Harry Kenyon-Slaney

X

Harry Kenyon-Slaney

Non-Executive Chairperson

BSc Geology (Southampton University),International Executive Programme (INSEAD France)

Harry has over 39 years of experience in the mining industry, principally with Rio Tinto. He is a geologist by training and his experience spans operations, marketing, projects, finance and business development. He has worked in South Africa, Australia and the UK. Until 2015, Harry was a member of the Group Executive Committee of Rio Tinto, where he held the roles of CEO of Energy and before that, CEO of Diamonds and Minerals. Prior to this he variously led Rio Tinto’s global titanium dioxide business, was CEO of Rio Tinto’s listed subsidiary, Energy Resources of Australia Limited, was general manager of operations at Palabora Mining Company in South Africa and held senior marketing roles in copper, uranium and industrial minerals. He began his career as an underground geologist with Anglo American on the gold mines in South Africa.

Appointed

Harry was appointed as Chairman of the Board in June 2017.

Board Committee Membership

Chairperson of the Nominations Committee and a Member of the Remuneration and Sustainability Committees.

Current external appointments

Harry is currently a senior adviser to McKinsey & Co.

Harry is a member of the advisory board of Schenck Process AG; and a non-Executive Director of Sibanye-Stillwater; and several private companies.

Michael Lynch-Bell

X

Michael Lynch-Bell

Non-Executive Director

BA Hons Economics and Accountancy (University of Sheffield); FCA of the Institute of Chartered Accountants in England and Wales

Michael spent a 38-year career with Ernst & Young (EY), having led its Global Oil and Gas, UK IPO and Global Oil and Gas and Mining transaction advisory practices. He was a member of EY’s assurance Practice from 1974 to 1996, when he transferred to the Transaction Advisory Practice. He was also UK Alumni sponsor and a member of the firm’s Europe, Middle East, India, and Africa and Global Advisory Councils. He retired from EY as a partner in 2012 and continued as a consultant to the firm until November 2013.

Appointed

Michael joined the Board in December 2015 and was appointed Senior Independent Director in November 2017.

Board Committee Membership

Chairperson of the Audit and Remuneration Committees and a member of the Nomination Committee

Current external appointments

Michael is currently chair of Little Green Pharma Ltd; and non-Executive Director and chair of the Remuneration Committee of Barloworld Limited.

Mike Brown

X

Mike Brown

Non-Executive Director

BSc Engineering; Mining PR Eng (ECSA) Engineering (University of Witwatersrand); Strategic Executive Programme (London Business School)

Mike has over 37 years’ experience in the resources industry in operational, senior management and director roles. He spent six years in Switzerland as the Managing Director technical at Pala, where he oversaw all technical aspects of the mining sector investments, including the risks associated with resource performance, project management, ramp-up, operations, and the associated working capital and financial controls. Prior to joining Pala, Mike spent 21 years with De Beers in southern Africa in various roles, culminating in the post of Chief Operating Officer where he was accountable for five operating mines, including greenfield and brownfield growth projects. He also managed the restructuring at De Beers Consolidated Mines in 2005/2006 and again in 2009. Mike has overseen growth projects and building of mines in Namibia, South Africa, Sierra Leone, Vietnam and the USA.

Appointed

Mike joined the Board in January 2018.

Board Committee Membership

Chairperson of the Sustainability Committee, Member of the Audit and Nomination Committees.

Current external appointments

Michael is currently chair of Little Green Pharma Ltd; and non-Executive Director and chair of the Remuneration Committee of Barloworld Limited.

Mazvi Maharasoa

X

Mazvi Maharasoa

Non-Executive Director

BLLM International and Commercial Law (University of Buckingham)

Mazvi has over 22 years’ experience in senior management positions, including leading roles in the mining sector, having served as the resident director and chief executive officer of Letšeng Diamonds Proprietary Limited until 2017. Furthermore, Mazvi was the founder and president of the Lesotho Chamber of Mines (2016). Prior to her work in the mining industry, Mazvi was involved in the Ministry of Natural Resources and the Central Bank of Lesotho, where she was the senior legal counsel for each of these entities.

Since joining the Board, Mazvi has been appointed as the designated non-Executive Director for workforce engagement.

Appointed

Mazvi joined the Board in July 2019.

Board Committee Membership

Member of the Sustainability Committee

Rosalind Kainyah

X

Rosalind Kainyah

Non-Executive Director

BA (Hons) (University of Ghana), LLB (Hons) (University of London), LLM (University College, University of London), Member of the Bar of England & Wales (Gray’s Inn), MCIArb

Rosalind is the founder and Managing Director of Kina Advisory Limited, a trusted adviser to Boards and Senior Executives of global companies on sustainability and responsible business investment and partnerships in emerging markets. She trained as a lawyer and is a member of the Bar of England and Wales and of the Chartered Institute of Arbitrators. Rosalind has almost 30 years of combined international, senior management, executive and board level experience. She has worked with companies and organisations including Linklaters, Anglo American Corporation of South Africa, De Beers, Tullow Oil plc, the United Nations Environment Programme and ERM, and on projects across Africa, in the UK, Europe, North and South America, Asia, and the South Pacific. As a result, she has a wide network and is respected across a range of stakeholders from governments and corporates through civil society organisations and media for her professional expertise and as a woman of integrity and credibility.

Appointed

Rosalind joined the Board in May 2021

Board Committee Membership

Member of the Remuneration, Audit and Sustainability Committees

Current external appointments

Rosalind is currently the Managing Director of Kina Advisory Limited and a non- Executive Director for discoverIE plc, CalBank plc (Ghana) and two private companies.

Non-Executive Directors

Executive Management

Executive Directors

Jaco Houman

X

Jaco Houman

Senior Manager - Technical and Projects

B.Eng(Met) (University of Pretoria); MBA (University of Witwatersrand Business School)

Jaco joined Gem Diamonds in 2016. His technical and managerial career spans more than 25 years. He has a diverse background in areas of operational excellence, design, production, technical support, Safety, Health, Environment and Quality (SHEQ) and consulting. He has been involved in the development and implementation of a turnaround plan, performance improvement initiatives, cost reduction measures, volume expansion at an operation, project, and group level. He has led and assisted in the development of technical strategies, pre-feasibility and feasibility studies, design, commissioning and technical evaluation reviews. He led the safety, occupational hygiene and environmental departments at a large corporate for more than two years. He spent some time in business improvement and applied financial modelling skills to enhance operational delivery through the optimisation of the value chain to maximise value for the business.

Current external appointments

None

Clifford Elphick

X

Clifford Elphick

Chief Executive Officer

BCom (University of Cape Town); BCompt Hons (University of South Africa)

Clifford joined Anglo American Corporation in 1986 and was seconded to E.Oppenheimer & Son Proprietary Limited as Harry Oppenheimer’s personal assistant in 1988. In 1990, he was appointed Managing Director of E.Oppenheimer & Son, a position he held until leaving in December 2004. During that time, Clifford was also a Director of Central Holdings, Anglo American and DB Investments. Following the privatisation of De Beers in 2000, Clifford served on the De Beers Executive Committee.

Appointed

Clifford formed Gem Diamonds in July 2005.

Current external appointments

Clifford is currently the non-Executive Chairperson of Zanaga Iron Ore Co. Limited.

Michael Michael

X

Michael Michael

Chief Financial Officer

BCom Hons (Rand Afrikaans University); CA(SA)

Michael has over 22 years’ experience in financial management. He joined the audit firm RSM Betty & Dickson in Johannesburg, South Africa in January 1993 and became audit partner at the firm in March 2000. From August 2006 to February 2008 Michael was seconded to Gem Diamonds Limited to assist with the financial aspects of the main London listing, including the financial reporting, management accounting and tax relating to the initial public offering. In March 2008 Michael joined Gem Diamonds on a full-time basis as the Group Financial Manager. On 2 April 2013 he was promoted to the position of Chief Financial Officer and appointed to the Board.

Appointed

Michael joined Gem Diamonds in March 2008 and was appointed to the Board in April 2013.

Current external appointments

None

Executive Management

Glenn Turner

X

Glenn Turner

Chief Legal and Commercial Officer and Company Secretary

BA; LLB (University of Cape Town); LLM (Cambridge)

Glenn was called to the Johannesburg Bar in 1987, where he spent 14 years practising as an advocate specialising in general commercial and competition law and took silk in 2002. Glenn was appointed De Beers’ first general counsel in 2002 and was also a member of its Executive Committee. He was responsible for a number of key initiatives during his tenure, including overseeing De Beers’ re-entry into the USA.

Appointed

Glenn joined Gem Diamonds in May 2006 and served on the Board from April 2008 to November 2017. Glenn was appointed as the Company Secretary in January 2015

Current external appointments

Glenn is currently a non-Executive Director of Agribiomed Limited and Lineout Holdings Limited.

Brandon de Bruin

X

Brandon de Bruin

Chief Operating Officer

BCom; LLB (University of the Witwatersrand)

Brandon joined Gem Diamonds in 2007 from Clifford Chance LLP. Practising in New York and London, he specialised in debt and equity capital markets and corporate finance gaining extensive commercial and legal experience in international corporate and finance transactions, stock exchange listings in London, Luxembourg and New York and in the UKLA (UK) and SEC (USA) rules and regulations. At Gem Diamonds, Brandon has been responsible for numerous corporate and financial transactions. He was head of the Group’s Sales, Marketing and Manufacturing division from 2013 to 2017 when he was appointed as the Group Business Transformation Officer. In 2019 Brandon was appointed as the Group Operations and Business Transformation Executive and in 2021 as Chief Operating Officer.

Appointed

Brandon joined Gem Diamonds in August 2007

Current external appointments

None

Business Transformation

The Group’s BT programme concluded at the end of 2021, exceeding the targeted US$100 million in revenue, productivity and cost savings (against the 2017 base) by achieving a total of US$110.0 million. The programme identified 325 initiatives to create a step change in efficiency, productivity and cost management, and to position Gem Diamonds favourably in its peer group.

Find out more

Shareholder information

Regular engagements with shareholders and other stakeholders provide relevant input for decision-making, promote the long-term sustainability of the Group and enable our contribution to wider society.

Shareholder information

Regulatory news

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Regulatory news

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Corporate governance