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Gem Diamonds Recovers 113ct. Rough from Letšeng

February 19, 2024  |  Leah Meirovich
Gem Diamonds 113 ct 1280 USED 021924

Gem Diamonds has unearthed a 113-carat rough from its Letšeng mine in Lesotho, the third over 100 carats this year.

The miner discovered the high-quality, type IIa diamond on February 17, it said Monday. On January 17, the company retrieved a low-quality, 139-carat diamond from the site, and on January 8, it found a high-value, 295-carat, white, type IIa rough.

The recovery of three 100-plus-carat diamonds so early in the year is a boon for the miner. While Letšeng has been known for producing high-quality rough diamonds topping the 100-carat mark, recently the supply has been dwindling.

Both last year and in 2022, the company retrieved only four diamonds in that category, down from six in 2021 and 16 in 2020. The declining number of special-size stones has put a dent in the company’s revenue, with sales falling 45% year on year to $31.4 million in the third quarter that ended September 30. Meanwhile, the average price slid 35% to $1,310 per carat.

Gem Diamonds will report its full-year results for 2023 in March.

Main image: The 113-carat rough. (Gem Diamonds)

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Gem Diamonds 113 ct 1280 USED 021924 Gem Diamonds Recovers 113ct. Rough from Letšeng

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