Photograph credit Gem Diamonds Ltd
Gem Diamonds share price jumps following the recovery of an exceptional 910 carat D colour Type IIa diamond from the Letseng Mine.
This week, Gem diamonds announced the recovery of an exceptional 910-carat diamond from the Letseng mine in Lesotho. This mine stands apart as the highest dollar per carat Kimberlite diamond mine in the entire world. This is thought to be the 5th larges diamond of its type ever recovered.
“Since Gem Diamonds acquired Letšeng in 2006, the mine has produced some of the world’s most remarkable diamonds, including the 603 carats Lesotho Promise, however, this exceptional top quality diamond is the largest to be mined to date and highlights the unsurpassed quality of the Letšeng mine. This is a landmark recovery for all of Gem Diamonds’ stakeholders, including our employees, shareholders and the Government of Lesotho, our partner in the Letšeng mine.”
Clifford Elphick, CEO, Gem Diamonds
Gem Diamonds is a global producer of very high-value gem-quality diamonds. With an investment of 70% of the Letseng mine in Lesotho, South Africa their portfolio of diamonds including the recovery of the Lesotho Promise diamond back in 2006 (603 carats)
Gem Diamonds equates the size of the new discovery to roughly the size of two golf balls. It is considered one of the most expensive types of diamond by chemical composition, Type IIa, with a whiteness grade of D colour.
According to RBC Capital Markets, the true value will only be known once cut and polished. A multitude of factors will play out in determining the final value. Much of the sale price will support the ongoing operations of the company, but it is without a doubt that the discovery will provide a significant boost for the companies share price in the short term.