Gem Diamonds Announces Discovery of Large Diamond at Letšeng

Gem Diamonds Limited reported the recovery of a 100-carat, white, type IIa diamond at the Letšeng mine in Lesotho.

The diamond was unearthed on June 22, the miner said. It is the third diamond to be discovered at Letšeng since May that has a weight of in excess of 100 carats.

The other two large diamonds were a 164-carat D color Type IIa diamond that the firm sold for $9 million into a partnership arrangement, and a 103-carat yellow diamond that it sold at a tender.

Gem Diamonds said that exports in June from Letšeng are $22 million, with an average price of $2,087 per carat. That compares with an average price per carat of $1,599 per carat in the first three tenders of stones from the mine this year.

Gem Diamonds CEO, Clifford Elphick said: “Letšeng has recovered a third rough diamond over 100 carats within the last two months. Mining will steadily increase in the higher value and higher grade Satellite pipe in H2 of this year, and it is anticipated that revenues will therefore show a resulting increase.”