Gem Diamonds Recovers 115-Ct Beauty from Letšeng Mine

Mining and Exploration
19/09/2017 11:08

Gem Diamonds has recovered a 115 carat, D color Type IIa diamond from the Letšeng mine in Lesotho, of which it is 70% owner, with the Kingdom of Lesotho owning the remaining 30%. After a year of declining large diamond recoveries (5) and prices (-26%) in 2016, the company has recovered six +100 carat diamonds so far this year, achieving an average price of $1,779 per carat in the first half of the year, marking a 20% increase than the $1,480 per carat achieved for the prior six-month period (H2 2016). 

In February 2017, Gem Diamonds decided to place its Ghaghoo mine in Botswana on care and maintenance due to the weak state of the diamond market for the category of diamonds produced at the mine, and to preserve the value of the asset while continuing to monitor viable options for the mine. These options include finding a buyer, and they are claimed to be considering an offer.