Gem Diamonds recovers 164ct D colour diamond

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Stone sells for $9m; set to produce several polished diamonds.

British diamond company Gem Diamonds has recovered and sold a 164ct D colour diamond at its Letšeng mine in Lesotho.

The stone was recovered on April 30. it has been sold into a profit sharing arrangement for US$9 million (£5.9m) through which the rough price is received upfront.

The stone is expected to yield several top colour and top clarity polished diamonds and it is understood that Letšeng will benefit further from a sizeable share of the downstream polished margin from the sale of the polished diamonds.

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Gem Diamonds chief executive Clifford Elphick said: "The recovery and sale of this high quality 164ct white diamond reinforces Letšeng’s position as the premier source of exceptional diamonds."

In addition to the recovery of the 164ct diamond a 103ct diamond was also recovered from the main pipe at Letšeng’ in May. The 103 ct stone will be sold at Gem Diamonds’ next tender in June.

Gem Diamonds owns 70% of the Letšeng mine in Lesotho as well as the Ghaghoo mine, currently in development in Botswana.
 

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