Gem Diamonds Latest 98 Ct. Lesotho Recovery and Positive Q1 Results

Mining and Exploration
23/05/2017 15:31

Gem Diamonds - a leading global diamond producer that owns 70% of the Letšeng mine in Lesotho, known for its high-value diamonds, and 100% of the Ghaghoo mine in Botswana, which produces diamonds at the lower-end of the price scale – announced the recovery of a 98.42 carat high quality D-color Type II diamond which will accompany the previously announced 80.58 carat D-color type II for sale in June. 

In the latest trading update for Q1 the company announced it had sold 39,950 carats at an average rate of US$1,636 per carat, which represents a 13% increase on the average US$1,444 per carat achieved in Q4 2016. The company sold an 8.65 carat pink diamond for the sixth highest price per carat achieved by a Letšeng rough diamond at US$164,855 per carat.

“Letšeng has recovered larger better quality diamonds during the quarter and it is encouraging that during April and May, there has been a notable improvement in the size and quality of diamonds recovered at Letšeng with the US$ per carat achieved trending positively,” said CEO Clifford Elphick. He continued to say that “The market for Letšeng’s high-quality diamonds has remained firm over the Period and this is anticipated to continue into second half of this year.” Letšeng is continuing to discover large high value diamonds at a time when prices for its production are on an upward trend.