Gem Diamonds has announced the recovery of a 123.20-carat diamond from its Letšeng mine in Lesotho. This is the eighth diamond over 100 carats discovered at the mine this year.
The high-quality, type II diamond was found on June 29, according to the company’s statement on Tuesday. This follows the discovery of a 172.06-carat rough diamond last month and a 212.49-carat stone in May. Additionally, the company retrieved two type IIa diamonds weighing 169.15 and 118.74 carats in April, and a high-value 295-carat type IIa white diamond in January.
Historically, Letšeng has been known for its large diamond finds, though such discoveries had diminished in recent years. The current trend suggests a resurgence similar to 2020 when the mine produced 16 stones over 100 carats. This contrasts with only four such stones found in both 2023 and 2022, and six in 2021.
Gem Diamonds reported a 17% year-on-year increase in sales to $43 million for the first quarter in its most recent financial results published in May. The rise was driven by growing demand for rough diamonds and a higher proportion of large stones available for sale.
