Letšeng Mine Produces 254ct. Rough
RAPAPORT. Gem Diamonds has unearthed a 254-carat rough stone in Lesotho, marking a return to high-value discoveries following a lull.
The “high-quality,” type II, white diamond came from the company’s lucrative Letšeng mine, it said in a statement Tuesday.
The miner had not publicized any noteworthy finds since January, when the deposit produced a 146.9-carat rough. Output of large diamonds was sluggish in the first quarter because of the nature of the areas of Letšeng the company accessed during the quarter, CEO Clifford Elphick said last month.
Image: The 254-carat diamond. (Gem Diamonds)
Gem Diamonds Revenue Drops
RAPAPORT. Gem Diamonds reported a decline in first-quarter sales, marking a contrast after a stronger performance in pandemic-hit 2020.
Revenue fell 7% year on year to $43.9 million during the three months ending March 31, the company, which owns the Letšeng deposit in Lesotho, said in a trading update Thursday. Sales volume dropped 8% to 26,916 carats.
The slump in volume outweighed a 1% increase in the average price to $1,630 per carat. Prices of Letšeng diamonds reflected an improvement in market conditions, with five diamonds selling for more than $1 million each in the first quarter, the miner noted.
“Production from the mining mix was not as impressive as the second half of 2020, with fewer large diamonds recovered due to the [nature of the] areas accessed under the mining plan,” said CEO Clifford Elphick. “The mining mix should improve over the coming months as the richer parts of the satellite pit are accessed.”
RAPAPORT. Gem Diamonds has proposed paying its first dividend since 2016 after annual profit more than doubled on the back of a sales recovery.Net profit jumped to $24.3 million for 2020, compared with $10.6 million in 2019, the miner reported Thursday. The company, which owns the Letšeng.
Gem Diamonds received a New Year’s surprise, retrieving a 146.9-carat rough diamond from its Letšeng mine in Lesotho.The miner found the high-quality, type II diamond on January 7, it said last week. The stone is the first 100-carat-plus diamond the company has found this year. The discovery.