Africa-focused Gem Diamonds (LON: GEMD) has struck another remarkable find at its Letšeng mine in Lesotho, discovering a 117.47-carat rough diamond on October 29. This discovery adds to the impressive list of diamonds over 100 carats that have been unearthed at the operation over the past two years.
The recently found white Type IIa rough diamond comes as a welcome piece of good news for Gem Diamonds, as they reported a loss of $1 million for the first half of 2023 in September. The loss was attributed to a decline in the recovery of large, high-value diamonds, coupled with market pressures.
Since their acquisition of Letšeng in 2006, Gem Diamonds has consistently uncovered dozens of high-quality white gemstones, each weighing over 100 carats. Notably, three such diamonds were recovered during the first half of 2023.
Letšeng is situated at a staggering altitude of 3,100 meters (approximately 10,000 feet) above sea level, making it one of the world’s most elevated diamond mines.
