163-carat Yellow Diamond Recovered at Letseng after Large Diamond Tender closes at Antwerp on June 18, 2020

Gem Diamonds, the owners of Letseng Diamond Mine in Lesotho, announced on June 25, 2020, the recovery of a 163-carat, Type 1, Yellow Diamond with no breakages, on Wednesday, June 24, 2020 at their Letseng Diamond Mines in Lesotho. This is the third rough diamond over 100 carats in weight recovered from the mine this year, after the 114-carat, high-quality, Type IIa, D-color rough diamond recovered in March, and the 183-carat, Type IIa, D-color, exceptional rough stone recovered in February.

163-carat, Type 1, Yellow Diamond
163-carat, Type 1, Yellow Diamond

Following the removal of the lockdown on April 27, 2020 and resuming mining operations, in May 2020, Gem Diamonds recovered three D-color, white, type II diamonds weighing 87, 66 and 23 carats and a 60-carat, light-yellow, type I diamond.

Three D-color diamonds and one yellow diamond recovered after lockdown
Three D-color diamonds and one yellow diamond recovered after lockdown

According to the latest Letšeng large diamond tender which closed on June 18, 2020, the average dollar-per-carat value realized for H1 2020 was US$ 1,707, which compares quite well with the average dollar-per-carat realized for H1 2019 0f US$ 1,687 and H2 2019 of $1,506.

Five D colour and 13 carat pink diamond recovered between Feb 28 and March 3, 2020
Five D colour and 13 carat pink diamond recovered between Feb 28 and March 3, 2020

Among the highlights of the tender held in Antwerp in strict compliance with Covid19 health and safety protocols and appropriate social distancing guidelines, were a 13-carat pink diamond achieving a price of US$ 40,110 per carat; a 61-carat white Type IIa diamond achieving a price of $31,400 per carat; 15 diamonds selling in excess of US$ 1 million each and one diamond selling in excess of US$ 5 million

CEO of Gem Diamond Ltd. Clifford Elphick commenting on the results achieved at the large diamond tender held in Antwerp, said, “The results of the latest tender for Letšeng’s large diamonds are positive.  With an average dollar per carat for the first half of the year of $1,707, and with certain stones selling above their anticipated post- Covid19 valuations, it is clear that there is a good level of demand for the high quality Letšeng diamonds.”

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