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Gem Diamonds recovers 115-carat diamond from Letseng mine
September 19, 2017 / 6:40 AM / 3 months ago

Gem Diamonds recovers 115-carat diamond from Letseng mine

(Reuters) - Gem Diamonds (GEMD.L) said on Tuesday it had recovered a high-quality 115-carat diamond from the Letseng mine in Lesotho.

The company, which has diamond mining operations in Lesotho and Botswana, said the find follows the recovery of five other diamonds of over 100 carats so far in 2017 from Letseng.

    Gem Diamonds owns 70 percent of the Letseng diamond mine, which is located in the Maluti mountains of Lesotho and is renowned for its recovery of large, high-quality, exceptional Type II diamonds. The government of Lesotho owns the remaining stake.

    Weaker demand from China and the United States has hurt diamond prices, while India’s surprise move to abolish high-value bank notes in November also dented demand for diamonds in the Asian country.

    Gem Diamonds reported a 14 percent drop in half-year revenue in August, hurt by lower production and a decline in average diamond prices, and said it received an acquisition offer for its mine in Botswana.

    Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair

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