Ninth +100-cts Diamond at Letseng
August 07, 24
(IDEX Online) - Gem Diamonds has recovered its ninth +100-cts diamond so far this year from its Letseng mine, in Lesotho.
The 145.55 carat Type II white stone was recovered on 3 August, barely a month after its last +100-cts, a 123.20-carat diamond on 29 June.
It's a reversal of fortunes for the UK-based company, that recovered just five +100-cts during the whole of 2023.
The long-term average has been eight +100-cts a year, so the company is now beating expectations.
Letseng - 70 per cent owned by Gem and 30 per cent by the Lesotho government - is the highest dollar per carat kimberlite diamond mine in the world.
In June Gem recovered two +100-cts stones in under a week, weighing 172.06 carats and 212.49 carats.
Last year the company saw revenue and average per carat prices down by around a quarter because of "downward pressure" in the rough market.
Total sales for the year were $139.4m, down 26 per cent, and the average per carat price was down 24 per cent to $1,334.
Pic courtesy Gem Diamonds.