HomeDiamonds & GemstonesGem Diamonds sells Letšeng 357 carat stone for $19.3M

Gem Diamonds sells Letšeng 357 carat stone for $19.3M

Lesotho – LSE-listed diamond miner Gem Diamonds has sold an exceptional 357 carat white diamond (recovered at the Letšeng mine in July 2015) for US$19.3 million, after it was tendered in Antwerp last week.

Gem Diamonds CEO, Clifford Elphick states: “The Letšeng mine has produced two remarkable +300 carat diamonds during the year to date. The 314 carat diamond, which was recovered in May 2015 and sold into a partnership arrangement in June 2015, and the 357 carat diamond which was sold on tender in September 2015 for US$19.3 million.”

“Both of these diamonds achieved top prices despite current market conditions, providing further evidence of the price resilience of Letšeng’s large top quality diamonds.”

LetsengStar gem diamonds
The Letšeng Star diamond – also recovered from the Letšeng mine

More recently, the company revealed significant increases in resources and reserves at its 70%-owned Letšeng diamond mine as a result of recent in-fill drilling programmes, improved estimation techniques and detailed geological studies.

The Letšeng Indicated Resource category has been extended in depth from approximately 100 m beneath the current pit bottoms to a new depth classification of approximately 350 m below the current mine pits on both Satellite and Main pipe ore bodies.

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