Clifford Elphick, CEO of GEM Diamonds said in an announcement on Thursday (March 16) that market volatility caused by the invasion of Ukraine by Russia contributed to a decline in diamond prices. GEM achieved an average selling price of $1,755 per carat compared to $1,835 per carat in 2021. Though he remains overall optimistic regarding the mine’s capacity to rebound during the 2023 fiscal year.
They reported a 31% decline in attributable profit for the 12 months ended December 12 of $10.2m compared to $14.8m in the previous financial year.
Gem Diamonds has recovered another 114ct rough at the Letšeng Lesotho mine, just a month after the discovery of a 245ct Type II white, the fourth 100ct+ stone in the past two months.
Barely two weeks after the discoveries of a 129ct and a 125ct, Gem Diamonds has added another rare find to the Lesotho Letšeng list, a 245ct white Type II white rough of exceptional quality.
Gem Diamonds announced it has recovered a 125ct top white diamond at the Letšeng mine in Lesotho. Since 2006, the Lesotho mine, famed for its rough diamonds of exceptional sizes and quality, yielded more than 60 100+ct stones, 16 last year alone, six this year-to-date.