Gem Diamonds' FY pretax profit nearly halves on Botswana mine impact

Gem Diamonds reported on Wednesday a 47% 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.