Gem Diamonds recovers 295 carat diamond in Lesotho
Gem Diamonds has announced it has recovered a 295-carat rough diamond from its Letšeng mine in Lesotho. The finding of a gem-quality, type IIa diamond of this size in early January is noteworthy, especially considering the decline in the number of large diamonds recovered from the Letšeng mine in recent years.
Letšeng mine
Letšeng has been renowned for producing high-quality rough diamonds exceeding 100 carats, but the supply of such stones has been diminishing. In both 2022 and the previous year, Gem Diamonds retrieved only four diamonds in the 100-carat category, a decrease from six in 2021 and 16 in 2020.
Gem Diamonds did receive recognition in 2023 for a 163.91-carat yellow diamond it recovered in July, earning an honorable mention in the roundup of the biggest and most valuable diamonds of the year. The decrease in the number of special-size stones has impacted Gem Diamonds’ revenue, with a 45% year-on-year sales decline to $31.4 million in the third quarter of 2023. Additionally, the average price per carat fell by 35% to $1,310 during the same period.
The recent discovery of the 295-carat rough diamond is likely to boost Gem Diamonds’ prospects, as large and high-quality diamonds can significantly contribute to the company’s revenue and overall market position.
