HomeDiamonds & GemstonesTwo new diamond discoveries

Two new diamond discoveries

Letseng mine “’ where
the new 185-carat
diamond was uncovered
London, England — MININGREVIEW.COM — 04 November 2010 – Two significant diamond discoveries have been reported in Southern Africa “’ one in Lesotho and the other in South Africa.

Gem Diamonds Limited “’ a London-based diamond miner operating in Lesotho “’ said in a statement issued here that a remarkable 185-carat white rough diamond had been recovered from the country’s Letseng mine.

“Early examinations indicate that this rough diamond will yield top colour and top clarity polished diamonds, and is thus expected to achieve a substantial price per carat,” CEO Clifford Elphick said in the statement.

Gem Diamonds, based in London, recovered a 196-carat diamond from the same mine earlier this year. That rough stone may be worth as much as US$11.8 million (R81 million), Panmure Gordon and Company analyst Alison Turner wrote in a subsequent report.

The company holds 70% of Letseng, and the remainder is owned by the government of Lesotho.
Miners at Letseng have uncovered three of the 20-biggest diamonds recovered since 2006.

Meanwhile it’s reported from Cape Town that a sub-contractor working on Kimberley Consolidated Mining (KCM) Bo-Karoo site has recovered a 27-carat, light pink diamond.
“After the cleaning process the diamond will be placed on tender. In terms of the subcontractor’s agreement, KCM will receive a royalty of 15% of the gross selling price of the diamond,” the company said.