Industry News by Nemesis

Letšeng Bears Two More Diamonds over 100cts.

June 12, 2017

Gem Diamonds has recovered two rough diamonds larger than 100 carats at its Letšeng project in Lesotho amid a shift to a more lucrative section of the mine, the company said Monday.

The heavier of the two, at 151.52 carats, is a yellow, type I diamond. The other is a higher-quality, D-color, type IIa stone weighing 104.73 carats.

While Letšeng is known for producing high-value large diamonds, it yielded only five 100-carat-plus stones in 2016 — compared with 11 in 2015 — dragging down Gem Diamonds’ revenues by 22% and its average selling price for the year by 26%. 

The company is hoping to reverse the trend with its latest discoveries. In April and May, Gem Diamonds found three large D-color, type IIa rough diamonds weighing 80.58 carats, 98.42 carats and 114 carats respectively. The smallest of these was one of the highest-quality diamonds in the Letšeng mine’s history, the company said.

Mining at Letšeng shifted to the higher-grade K6 portion of the project's main pipe in the second quarter, improving the rate of large-diamond discoveries, Gem Diamonds explained.

 

Source: Rapaport

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