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Gem Diamonds Retrieves 123ct. Rough from Letšeng

July 3, 2024  |  Suzanne Watkin
Gem Diamonds 123.20 carat rough image

Gem Diamonds has recovered a 123.20-carat diamond from its Letšeng mine in Lesotho, the eighth stone greater than 100 carats so far this year. 

The miner discovered the high-quality, type II diamond on June 29, it said Tuesday. Last month, the company found a 172.06-carat rough, and in May it unearthed a 212.49-carat stone. Other stones included two type IIa diamonds weighing 169.15 and 118.74 carats, both retrieved in April, while the miner found a high-value, 295-carat, type IIa white diamond in January.  

While in the past, Letšeng was known for producing large stones, that has tapered off in recent years. The trend marks a return to the high of 2020, when Letšeng produced 16 stones over 100 carats. That compares to only four of that caliber in each of 2023 and 2022, and six in 2021. 

In its most recent results, which it published in May, Gem Diamonds 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 123.20-carat rough. (Gem Diamonds)

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