Gem Diamonds Continues Large-Stone Streak with 172ct. Rough

Gem Diamonds has recovered a 172.06-carat rough from its Letšeng mine in Lesotho, its fourth over 100 carats in just over a month. 

The miner discovered the high-quality, type IIa diamond on June 2, it said Tuesday. Last week, the company unearthed a 212.49-carat rough, while it retrieved two type IIa diamonds, weighing 169.15 and 118.74 carats, at the end of April. 

Meanwhile, in February, the miner found a 113-carat rough. That followed a low-quality, 139-carat stone and a high-value, 295-carat, type IIa white diamond.  

The new discovery is the miner’s seventh diamond over 100 carats so far this year, marking a rebound for the company, which had been known in the past for producing large stones. However, more recently, Gem Diamonds has struggled to uncover rough over 100 carats, with four retrieved in each of the past two years, and six in 2021. In 2020, Letšeng produced 16. 

Last month, the company reported a sales increase of 17% year on year to $43 million for the first quarter. The rise was the result of growth in demand for rough and the higher proportion of large stones on offer.  

Image: The 172.06-carat rough. (Gem Diamonds)