Gem Diamonds finds yet another big stone in Lesotho

The 118.74 carats diamond recovered in late April.

Africa-focused miner Gem Diamonds (LON: GEMD) has unearthed a new major Type II white diamond at its prolific Letšeng mine in Lesotho, barely six days after the previous find.

The 118.74-carat diamond is the fifth greater than 100-carat precious stone recovered this year at the operation, the company said.

Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure. Boart diamonds are stones of low quality that are used in powder form as an abrasive.

The prolific Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.

Diamond miners are going through a rough patch as US and Chinese demand for diamond jewellery continues to be weak and the popularity of cheaper laboratory grown diamonds continues to rise.

In 2015, man-made diamonds had barely made an appearance as a competitor to natural diamonds. By last year, these stones accounted for more than 10% of the global diamond jewelry market, according to industry specialist Paul Zimnisky.

The market values of small to medium diamond mining companies, including Canada’s Lucara (TSX: LUC), South Africa’s Petra (LON: PDL), and Gem Diamonds itself, are around $100 million or less. This is only about a third or a fourth of the price the large stones they aim to find may be worth.

Source: DCLA

Gem Diamonds finds 129-carat diamond in Lesotho

                           

Africa focused Gem Diamonds has found a 129 carat rough stone at its Letšeng mine in Lesotho, the miner’s first one over 100 carats mined this year.

The high quality white diamond was recovered at the site over the weekend, Gem Diamonds said. The company, known for the recovery of large, high quality stones in 2020, has seen output of those diamonds become less frequent over the past year.

In 2021, Gem Diamonds found only six diamonds over 100 carats at Letšeng. This compares to 16 rocks of more than 100 carats discovered in 2020.

The find comes as prices for small diamonds have jumped about 20% since the start of March, as cutters, polishers and traders struggle to source stones outside Russia.

State-owned Alrosa, the world’s top diamond producer by output, was hit with US sanctions following Moscow’s invasion of Ukraine.

Higher prices for lower end stones are good news for miners, but not a game changer, experts say. While every mine is different, a general rule of thumb is that 20% of production the best stones account for about 80% of profits.

Since acquiring Letšeng in 2006, Gem Diamonds has found more than 60 white gem quality diamonds over 100 carats each.

Since acquiring Letšeng in 2006, the company has found more than 60 white gem quality diamonds over 100 carats each, with 16 of them recovered last year.

At an average elevation of 3,100 metres (10,000 feet) above sea level, Letšeng is also one of the world’s highest diamond mines.

Source: DCLA

Gem Diamonds’ Revenue Rises in Q1 2022

 

                               Gem Diamonds

Gem Diamonds’ revenue in Q1 2022 (ending March 2022) has gone up 4% quarter-on-quarter and 19% year-on-year to $52.1 million, IDEX Online reports.

The miner, which owns 70% of the Letseng mine in Lesotho, sold 28,461 carats during the quarter – a rise when compared to the 24,790 carats it sold in the previous quarter. However, prices fell from $2,018 to $1,831, according to the report.

Clifford Elphick, Gem Diamonds’ CEO, said: “We remain confident about the outlook for diamond prices, particularly for Letseng’s large high-value diamonds with an average price of $1,831 per carat achieved during the period. Prices achieved on a like-for-like basis continued the largely upward trend from 2021.”

Source: DCLA

Letšeng Yields Two Diamonds over 100ct.

                              245-carat rough

Gem Diamonds has unearthed two large rough stones from its Letšeng mine in Lesotho, marking the fourth and fifth diamonds from the deposit over 100 carats this year.

The stones — weighing 245 and 102 carats — are high-quality, white, type II diamonds, the miner said Monday. The company found both stones on the same day.

The recoveries follow that of two diamonds weighing 370 and 254 carats in May. The company also discovered a 146.9-carat rough in January.

Output of large stones has been sluggish in the first half of the year as Gem Diamonds mined lower-value areas of the deposit, it explained. In the first six months of the year, the company unearthed three 100-carat-plus diamonds, compared to seven in the same period of 2020. Last year, Gem Diamonds recovered 13 stones greater than 100 carats by September 30, and 16 for the full year.

Source: DCLA

Letšeng Yields Two Diamonds over 100ct.

                              245-carat rough

Gem Diamonds has unearthed two large rough stones from its Letšeng mine in Lesotho, marking the fourth and fifth diamonds from the deposit over 100 carats this year.

The stones — weighing 245 and 102 carats — are high-quality, white, type II diamonds, the miner said Monday. The company found both stones on the same day.

The recoveries follow that of two diamonds weighing 370 and 254 carats in May. The company also discovered a 146.9-carat rough in January.

Output of large stones has been sluggish in the first half of the year as Gem Diamonds mined lower-value areas of the deposit, it explained. In the first six months of the year, the company unearthed three 100-carat-plus diamonds, compared to seven in the same period of 2020. Last year, Gem Diamonds recovered 13 stones greater than 100 carats by September 30, and 16 for the full year.

Source: DCLA

Gem Diamonds recovers high quality 254 carat white diamond at Letšeng

 

254 carat Type II Rough Diamond

Gem Diamonds has announced the recovery of a high quality 254 carat Type II, white diamond, from the Letšeng mine in Lesotho, the highest dollar per carat kimberlite diamond mine in the world.

“It is pleasing to see that carat production during the Q1,2021 is up some 11% on the same period in 2020 and the average price of US$1 630 per carat is also slightly up on Q1,2020,” said CEO, Clifford Elphick in last month’s Q1,2021 report.

“Although the production from the mining mix was not as impressive as the second half of 2020, with fewer large diamonds recovered due to the areas accessed under the mining plan, prices achieved on a like for like basis remained strong for Letšeng’s high value diamond production.

“It is anticipated that the mining mix should improve over the coming months as the richer parts of the Satellite pit are accessed in accordance with the mine plan.”

Source: DCLA

Gem Diamonds recovers high quality 254 carat white diamond at Letšeng

 

254 carat Type II Rough Diamond

Gem Diamonds has announced the recovery of a high quality 254 carat Type II, white diamond, from the Letšeng mine in Lesotho, the highest dollar per carat kimberlite diamond mine in the world.

“It is pleasing to see that carat production during the Q1,2021 is up some 11% on the same period in 2020 and the average price of US$1 630 per carat is also slightly up on Q1,2020,” said CEO, Clifford Elphick in last month’s Q1,2021 report.

“Although the production from the mining mix was not as impressive as the second half of 2020, with fewer large diamonds recovered due to the areas accessed under the mining plan, prices achieved on a like for like basis remained strong for Letšeng’s high value diamond production.

“It is anticipated that the mining mix should improve over the coming months as the richer parts of the Satellite pit are accessed in accordance with the mine plan.”

Source: DCLA

Pandora Taps Lab-Grown, Drops Mined Diamonds

Pandora Lab-Grown Diamonds

Pandora has launched its first lab-grown jewelry line and pledged to cease using mined diamonds in any of the company’s pieces.

The Danish jeweler will introduce the collection, Pandora Brilliance, in the UK on May 6, before debuting it globally in 2022, it said Tuesday. Pandora believes offering synthetics will make its products more accessible to a wider audience looking for more affordable and sustainable diamond jewelry, it explained.

“Pandora continues its quest to make incredible jewelry available for more people,” said Pandora CEO Alexander Lacik. “[Pandora Brilliance] is a new collection of beautifully designed jewelry featuring lab-created diamonds. They are as much a symbol of innovation and progress as they are of enduring beauty and stand as a testament to our ongoing and ambitious sustainability agenda. Diamonds are not only forever, but for everyone.”

As part of its effort to be carbon-neutral, Pandora will use synthetic diamonds that have been grown with more than 60% renewable energy. The jeweler expects to use stones made using 100% renewable energy by the time it launches the line globally, it noted.

The new collection includes rings, bangles, necklaces and earrings, each featuring a single lab-grown diamond ranging from 0.15 to 1 carat, with prices starting at GBP 250 ($347), Pandora added.

Source: DCLA

Pandora Taps Lab-Grown, Drops Mined Diamonds

Pandora Lab-Grown Diamonds

Pandora has launched its first lab-grown jewelry line and pledged to cease using mined diamonds in any of the company’s pieces.

The Danish jeweler will introduce the collection, Pandora Brilliance, in the UK on May 6, before debuting it globally in 2022, it said Tuesday. Pandora believes offering synthetics will make its products more accessible to a wider audience looking for more affordable and sustainable diamond jewelry, it explained.

“Pandora continues its quest to make incredible jewelry available for more people,” said Pandora CEO Alexander Lacik. “[Pandora Brilliance] is a new collection of beautifully designed jewelry featuring lab-created diamonds. They are as much a symbol of innovation and progress as they are of enduring beauty and stand as a testament to our ongoing and ambitious sustainability agenda. Diamonds are not only forever, but for everyone.”

As part of its effort to be carbon-neutral, Pandora will use synthetic diamonds that have been grown with more than 60% renewable energy. The jeweler expects to use stones made using 100% renewable energy by the time it launches the line globally, it noted.

The new collection includes rings, bangles, necklaces and earrings, each featuring a single lab-grown diamond ranging from 0.15 to 1 carat, with prices starting at GBP 250 ($347), Pandora added.

Source: DCLA

Big-Stone Recoveries Return as Letšeng Reopens

Gem Diamonds has recovered a number of large, high-quality stones at its Letšeng mine in Lesotho, all found in the first week after production resumed following the COVID-19 lockdown.

They include a 60-carat, light-yellow, type I diamond, and three D-color, white, type II diamonds weighing 87, 66 and 23 carats, the company said Monday. It also found several diamonds over 10.8 carats.

Between February and March, the miner unearthed four white diamonds weighing 88, 56, 53 and 33 carats. It has also retrieved two diamonds over 100 carats so far this year, and a 13.33-carat pink.

Gem Diamonds restarted production at Letšeng last week after the government allowed the mining sector to reopen following an extended shutdown. Lesotho remains on lockdown until May 5.

Source: DCLA

Big-Stone Recoveries Return as Letšeng Reopens

Gem Diamonds has recovered a number of large, high-quality stones at its Letšeng mine in Lesotho, all found in the first week after production resumed following the COVID-19 lockdown.

They include a 60-carat, light-yellow, type I diamond, and three D-color, white, type II diamonds weighing 87, 66 and 23 carats, the company said Monday. It also found several diamonds over 10.8 carats.

Between February and March, the miner unearthed four white diamonds weighing 88, 56, 53 and 33 carats. It has also retrieved two diamonds over 100 carats so far this year, and a 13.33-carat pink.

Gem Diamonds restarted production at Letšeng last week after the government allowed the mining sector to reopen following an extended shutdown. Lesotho remains on lockdown until May 5.

Source: DCLA