RAPAPORT… Gem Diamonds has recovered a white diamond weighing 114 carats at its Letšeng mine in Lesotho, the second stone over 100 carats the miner has found this year, it said Tuesday.
The company unearthed the “high-quality” D-color stone on Monday. The discovery follows that of a 183-carat, white, type IIa diamond last month. Berenberg investment bank estimated that stone would fetch in excess of $5 million.
The recoveries are a boost to Gem Diamonds, which saw lower recoveries of large stones in 2019. At the same time last year, the company had not yet unearthed any diamonds weighing more than 100 carats.
The miner’s stock rose 4% in early trading Tuesday following the announcement.
Image: The 114-carat diamond. (Gem Diamonds)
Letšeng Mine Yields 114ct. Rough
The Bottom Line
- Gem Diamonds found a 114-carat white diamond at its Letšeng mine in Lesotho, the second over 100 carats this year.
- The 114-carat stone is a high-quality D-color diamond, discovered shortly after a 183-carat type IIa diamond last month.
- Gem Diamonds' stock rose 4% following the announcement, reflecting improved large-stone recoveries compared to 2019.
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