Gem Diamonds Recovers Ninth 100ct.-Plus Rough This Year

Gem Diamonds has unearthed a 145.55-carat rough from its Letšeng mine in Lesotho, the ninth stone greater than 100 carats so far this year. 

The miner discovered the high-quality, type II diamond on August 3, it said Wednesday. In June, the company found both a 123.20- and a 172.06-carat rough, while in May it pulled out a 212.49-carat stone. Other diamonds the miner extracted during the year included two type IIa diamonds retrieved in April, weighing 169.15 and 118.74 carats, and a high-value, 295-carat, type IIa white diamond in January. 

The wealth of discoveries follows several years in which the company, known for unearthing large stones from Letšeng, saw the total number of diamonds over 100 carats shrink. In 2023 and 2022, the company discovered only four diamonds of that caliber, and in 2021, it dug up six. The total so far this year puts Gem Diamonds on track to meet, or exceed, the 16 stones over 100 carats it recovered in 2020. 

In May, Gem Diamonds reported its revenue increased 17% year on year to $43 million for the first quarter, as a result of growth in demand for rough and a higher proportion of large stones on offer. The company will report its second-quarter results next week. 

Image: The 145.55-carat rough diamond. (Gem Diamonds)