Industry News by Nemesis

Gem Diamonds Unearths 183ct. Rough

February 5, 2020

 

Gem Diamonds has recovered a white diamond weighing 183 carats at its Letšeng mine in Lesotho, the first stone over 100 carats the miner has found this year.

The company unearthed the type IIa, “exceptional” stone on Monday. On the same day, it also discovered two other large, high-quality diamonds from the deposit, weighing 89 and 70 carats, it said Tuesday.

The 183-carat diamond showed signs of breakage, according to analysts at investment bank Berenberg. However, the bank still expects the stone to fetch more than $5 million.

The last stone over 100 carats Gem Diamonds retrieved was a yellow, type I diamond weighing 114 carats, which it found in December.

The miner’s stock rose 7% in early trading Tuesday following the announcement.

Image: The 183-carat diamond. (Gem Diamonds)

 

Source: Rapaport

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