APPOINTMENT OF MICHAEL MICHAEL ONTO GEM DIAMONDS' BOARDBack
Gem Diamonds Limited (LSE: GEMD) today announces the appointment of its new Chief Financial Officer, Michael Michael, to the Company's main Board.
Mr Michael was appointed to the role of Chief Financial Officer on 2 April 2013 following the retirement of Kevin Burford on 1 April 2013.
Mr Michael has over 20 years' experience in financial management, starting his career as a trainee accountant at audit firm, RSM Betty & Dickson in Johannesburg, South Africa in January 1993 and becoming an audit partner at the firm in March 2000. Since 2006 Mr Michael has, in his capacity as Group Financial Manager, been closely involved with the financial aspects of the Main London Listing including the financial reporting, management accounting and tax relating to the company's Initial Public Offering.
Gem Diamonds CEO, Clifford Elphick stated:
"Michael is well known to the market and to major shareholders, and has spent a significant portion of his time communicating with analysts as well as attending investor roadshows and presentations. Michael's intimate knowledge of the Company will ensure a seamless transition into his role as Chief Financial Officer and we wish him every success in his appointment to the Gem Diamonds' Board."
For further information:
Gem Diamonds Limited
Sherryn Tedder, Investor Relations
Tel: +27 (0) 11 560 9600
Mob: +27 (0) 83 943 4505
Pelham Bell Pottinger
Charles Vivian / James MacFarlane
Tel: +44 (0) 207 337 1500861 3232
About Gem Diamonds:
Gem Diamonds is a leading producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho as well as the Ghaghoo mine, currently in development in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the top twenty largest white gem quality diamonds recorded.
Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the diamond industry over the medium to long term, particularly at the high end of the market, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.