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Thursday, June 27, 2013

ANOTHER +100 CARAT DIAMOND REPORTED BY GEM DIAMONDS FROM LETŠENG MINE

GEM DIAMONDS RECOVERS ANOTHER +100 CARAT DIAMOND FROM ITS LETŠENG MINE

FILE PHOTO NOT THE ACTUAL DIAMOND RECOVERED
Gem Diamonds Limited (LSE: GEMD)  announced the recovery of a 100 carat, white, Type IIa diamond from the Letšeng mine in Lesotho on 22 June 2013.
This rough diamond is the third diamond over 100 carats in size to be recovered from Letšeng since May this year. The recovery of a 164ct D Colour Type IIa diamond, which was sold for US$9 million into a partnership arrangement; and the recovery of a 103 carat yellow diamond, sold on tender, were both announced on 31 May 2013.
Letšeng’s June export achieved an average price of US$2 087 per carat, for a total value of US$22 million. This compares to an average value of US$1 599 per carat which was achieved for the first three tenders in the year.

About Gem Diamonds:
Gem Diamonds is a leading producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho as well as the Ghaghoo mine, currently in development in Botswana. 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. Since Gem Diamonds’ acquisition of Letšeng in 2006, the mine has produced four of the top twenty largest white gem quality diamonds recorded.
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