Letšeng Yields 295ct. Rough for Gem Diamonds

Gem Diamonds has unearthed a 295-carat rough from its Letšeng mine in Lesotho, the first over 100 carats so far this year.

The miner discovered the gem-quality, type IIa diamond on January 9, it said Thursday. The recovery of a rough this size 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 that supply has been dwindling. Both last year and in 2022 the company retrieved only four diamonds in that category, compared with six in 2021 and 16 in 2020.

However, the miner did claim an honorable mention in our 2023 roundup of the biggest and most valuable diamonds of the year, for a 163.91-carat yellow diamond it retrieved in July.

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, 2023. Meanwhile, the average price slid 35% to $1,310 per carat.

The company will report its full-year results in March.