Leading global diamond producer, Gem Diamonds are presently in discussions with various parties who are interested in acquiring 100% of the Ghaghoo asset, in Botswana.

This comes after the existing agreement was withdrawn months after it was announced by the company in August, during their half year 2017 results presentation.

According to the diamond company, shareholders were notified in August that an offer to acquire 100% of the Ghaghoo asset had been received and was being considered by the board.

The company later announced that the agreement had fallen through.

“Discussions have not resulted in agreement between parties and this offer has been withdrawn,” said the company in a statement.

 “We will update the market as and when appropriate.”

The board decided to place the Ghaghoo mining operation on care and maintenance in February 2017, due to market conditions.  Full care and maintenance status was achieved in March 2017.