Recovery of high quality 442 carat diamond

Gem Diamonds Limited has announce the recovery of a high quality 442 carat Type II diamond from the Letšeng mine in Lesotho, the highest dollar per carat kimberlite diamond mine in the world. The giant diamond could be worth up to $18 million

“The recovery of this remarkable 442 carat diamond, one of the world’s largest gem quality diamonds to be recovered this year, is further confirmation of the calibre of the Letšeng mine and its ability to consistently produce large, high quality diamonds, Clifford Elphick, CEO of Gem Diamonds, commented.

“It is also a fitting testament to the dedication of the employees in the Group to have recovered such an extraordinary diamond, whilst at the same time maintaining strict adherence to health and safety precautions during the global Covid pandemic.”

“A portion of the proceeds from the sale of this diamond will be used to fund a special community project, as agreed with our partners the Government of Lesotho.”

Gem Diamonds is a global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.

The Letšeng mine in Lesotho produces the highest quality gem diamonds, consistently achieving the highest price per carat of any kimberlite mine in the world. It is also famous for its large top colour white diamonds, and has produced four of the 20 largest white diamonds ever recorded since Gem Diamonds took the mine over in 2006.

Letšeng has also produced high quality pink and blue diamonds, with a rare blue diamond achieving a sales price of US$603 047 per carat in 2013 and an exceptional pink diamond achieving $187 700 per carat in 2016.

Letšeng ranks in the top 15 global diamond producers by revenue. The large high value diamonds from Letšeng account for 70% to 80% of the Group’s revenue annually.

Letšeng has grown to be one of the largest open pit diamond mines in the world, processing ore from two kimberlite pipes, the Main pipe 17.0ha and the Satellite pipe 5.2ha. In 2017, initiatives were undertaken to unlock additional value, which included an updated open-pit life of mine plan, large diamond recovery and breakage initiative projects, and a mining optimisation project.

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