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Gem Diamonds full-year pretax profit nearly halves on Botswana mine impact

Reuters

(Reuters) - Gem Diamonds Ltd (GEMD.L) reported on Wednesday a 47 percent 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.

Gem Diamonds, which mines diamonds from the Letseng mine in Lesotho and the Ghaghoo mine in Botswana, said its full-year pretax profit fell to $52.4 million from $99 million, a year earlier.

(Reporting by Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri)