Gem of a sale as Lesotho diamond gets US$10.6m
Print Edition
A 198-CARAT white diamond recovered from a Lesotho mine in August has sold for US$10.6 million, London-listed Gem Diamonds Ltd said yesterday.
This year has been a bonanza year for diamond miners such as Gem and larger competitor Petra Diamonds Ltd, with the discovery and sale of several high-value stones lifting profits and cash flows.
In February, Gem Diamonds sold a 162.02-carat diamond for US$11.1 million and a 161.31-carat stone for US$2.4 million.
The diamonds were all found at the Letseng mine in the Maluti mountains of Lesotho.
Since Gem Diamonds acquired a 70-percent stake in 2006, the mine has unearthed four of the 20 largest white gem-quality diamonds ever recorded.
“Diamonds are providing some much needed excitement in the mining industry at the moment, a nice counter to miserable gold and iron ore prices,” analysts at Numis Securities said.
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