Gem Diamonds dug up a 114-carat high quality D color diamond on 2 March 2020 at the Letšeng mine in Lesotho. It is the second stone larger than 100 carats they have unearthed this year. The previous one was an exceptional 183-carat white Type IIa diamond receovered a month ago (3 February 2020). That very same day, the company said, they also recovered another two high-quality diamonds, one of 89 carats and the other of 70 carats.
These large and special diamond recoveries, bringing in millions in revenue, are critical to Gem Diamonds' business model. In 2019, only 27 diamonds were responsible for 37% of Gem Diamonds' total revenue: each one sold for more than US$1.0 million, generating revenue of $68.2 million. However, Gem's revenue for the full calendar year dropped 32% to $182.1 million compared to $266.6 million in 2018. The miner recorded an average price of $1,637 per carat in 2019, representing a 23% decline against the $2,131 earned in 2018. Gem recovered 11 diamonds larger than 100 carats for 2019 as compared to 15 such recoveries in 2018.