Gem Diamonds’ 12th Big Rock of 2018 Weighs 138 Carats

Mining and Exploration
16/08/2018 13:36

Gem Diamonds has recovered a 138 carat, top white color Type IIa diamond from the Letšeng mine in Lesotho. This recovery is now the twelfth diamond of over 100 carats in 2018, and a record for the Company in terms of the number of diamonds of over 100 carats recovered in a year.

According to the company's H1 2018 trading update published earlier this month, the miner sold 61,696 carats (+8%) valued at $169.2 million, a 435 increase over the first half of 2017, and achieved an average price of $2,742 per carat for the period, up 33% from $2,061 per carat in H2 2017. The highest price achieved was $62,433 per carat for a 2.26-carat pink diamond. The highest price achieved for a white diamond was $56,028 per carat for a 66.27 carat, Type IIa, diamond.

Tat the time of the update (August 3), Gem Diamonds’ CEO, Clifford Elphick commented, “We are delighted to see the continuation in the recoveries of large diamonds during the Period with a record ten diamonds greater than 100 carats recovered. This trend continued into Q3 2018 with the eleventh diamond greater than 100 carats recovered in July, now equalling the highest number of these recoveries in a single year. Greatly improved recoveries combined with the discovery and subsequent sale of the Lesotho Legend has generated a strong financial performance for the first half."