RETIREMENT OF CHIEF FINANCIAL OFFICER, KEVIN BURFORDBack
Gem Diamonds Limited (LSE: GEMD) today announces the retirement of its Chief Financial Officer, Mr Kevin Burford, who has held the position of Chief Financial Officer since January 2006.
Mr Burford's retirement is effective from 1 April 2013 and he will be succeeded by Gem Diamonds' current Group Financial Manager, Mr Michael Michael, who has held this position since March 2008.
For further information:
Gem Diamonds Limited
Sherryn Tedder, Investor Relations
Tel: +27 (0) 11 560 9600
Mob: +27 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.