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Bad first half at Gem Diamonds
Gem Diamonds’ first-half profit has more than halved, it said yesterday, hurt by a rise in costs and lower prices for the precious stone during the period. Profit before tax was $36.3m (£23m), down from $79m a year earlier. Revenue fell nine per cent to $180.2m. Cost of sales rose about 28 per cent to $105.4m.