Gem Diamonds finds 126.2 carat stone at Letšeng mine

Africa focused miner Gem Diamonds has unearthed yet another large white diamond at its prolific Letšeng mine in Lesotho.

The 126.21 carat Type II white diamond is the twelfth greater than 100 carat precious stone mined this year at the operation, the company said.

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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.

The Letšeng mine, owned 70% by Gem Diamonds, 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.

The operation has a track record of producing large, exceptional white diamonds, which makes it the highest dollar per carat kimberlite diamond mine in the world.

Source: DCLA

Gem Diamonds finds 122 carat stone at Letšeng mine

Africa-focused miner Gem Diamonds has unearthed yet another massive white diamond at its prolific Letšeng mine in Lesotho, just days after another major find.

The 122.2 carat Type II white diamond was recovered over the weekend and is the eleventh greater than 100-carat precious stone mined this year at the operation, the company said.

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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.

The Letšeng mine, owned 70% by Gem Diamonds, 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.

The operation has a track record of producing large, exceptional white diamonds, which makes it the highest-dollar-per-carat kimberlite diamond mine in the world.

Source: DCLA

Gem Diamonds digs up 145 carat diamond in Lesotho

Africa-focused miner Gem Diamonds has unearthed a 145.55 carat, Type II white diamond at its prolific Letsěng mine in Lesotho.

The diamond, recovered on August 3rd, is the ninth 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 Type II, white diamond is the ninth greater than 100-carat precious stone recovered this year at the Letsěng mine.

The 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, South Africa’s Petra, 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.

The news comes as competitor Petra Diamonds postponed the sale of rough stones mined at its South African operations that would have been offered during the August/September event of the year, amid low demand.

Source: DCLA

Gem Diamonds finds sixth 100+ carat stone in 2024

Africa focused miner Gem Diamonds has unearthed a 212.9 carat Type II white diamond at its prolific Letšeng mine in Lesotho, less than a month after a previous major find.

The diamond, recovered on May 28th, is the sixth 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 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 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

HIGH QUALITY 113 CARAT TYPE II WHITE DIAMOND

Gem Diamonds Limited (LSE: GEMD) is pleased to announce the recovery of a high quality 113 carat white Type II diamond, recovered at the Letšeng mine in Lesotho on 17 February 2024.

A piece of white rock next to a magnifying glass Description automatically generated

Together with the 295 carat high quality Type II white diamond recovered on 8 January 2024 and a 139 carat low quality Boart diamond recovered on 17 January 2024, the 113 carat is the third greater than 100 carat diamond recovered to date this year.

Source: DCLA

Letšeng Yields 117ct. Rough for Gem Diamonds

Gem Diamonds has recovered a 117.47-carat rough from its Letšeng mine in Lesotho, its fourth over 100 carats so far this year.

The miner discovered the gem-quality, type IIa diamond on October 29, it said Tuesday. The find follows that of a 101.96-carat high-quality rough on September 28, and a 163.91-carat yellow diamond on June 22. The company also unearthed a 122-carat stone on March 5.

Letšeng has been known for producing high-quality rough diamonds topping the 100-carat mark, but recently that supply has been dwindling. However, the newest recovery brings this year’s total to a tie with last year, when the miner also retrieved four diamonds in that category. That compares with six in 2021 and 16 in 2020.

The declining number of special-size stones has put a dent in the company’s revenue, with sales falling 28% year on year to $71.8 million in the first six months of 2023. The miner incurred a loss of $1 million, versus a profit of $3.8 million during the same period in 2022.

Source: DCLA

Gem Diamonds unearths 125-carat diamond in Lesotho

                              

Africa-focused Gem Diamonds has found a 125 carat rough stone at its Letšeng mine in Lesotho, the miner’s second rock over 100 carats mined this year.

The company, known for the recovery of large, high quality stones in 2020, has seen output of high quality diamonds surpassing the 100 carat mark become less frequent over the past year.

In 2021, Gem Diamonds found only six of such diamonds at Letšeng, compared to the 16 it 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 Russian miner 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 is that 20% of production the best stones account for about 80% of profits.

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 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

Gem Diamonds Unearths 179ct. Rough

 

Gem Diamonds has recovered a 179 carat rough diamond from its Letšeng mine in Lesotho.

The miner found the high quality, type I diamond on Thanksgiving Day, it said last week. The stone is the 16th diamond over 100 carats the company has found this year. Earlier this month, Gem Diamonds unearthed 104 and 111 carat specimens from the deposit.

The company has already found more diamonds over 100 carats this year than in 2019, when it reported 11 rough diamonds of that magnitude.

Letšeng also yielded a 14.09 carat, pink, type II diamond of high quality last week from its mine in Lesotho.

The miner unearthed the “top quality” type II stone from the deposit on November 24, it said Wednesday. The discovery comes after the company found a 77 carat yellow diamond at the mine in September.

Gem Diamonds has also found 14 diamonds weighing over 100 carats this year, including 104 and 111 carat diamonds earlier this month.

Source: DCLA

Gem Diamonds Unearths 179ct. Rough

 

Gem Diamonds has recovered a 179 carat rough diamond from its Letšeng mine in Lesotho.

The miner found the high quality, type I diamond on Thanksgiving Day, it said last week. The stone is the 16th diamond over 100 carats the company has found this year. Earlier this month, Gem Diamonds unearthed 104 and 111 carat specimens from the deposit.

The company has already found more diamonds over 100 carats this year than in 2019, when it reported 11 rough diamonds of that magnitude.

Letšeng also yielded a 14.09 carat, pink, type II diamond of high quality last week from its mine in Lesotho.

The miner unearthed the “top quality” type II stone from the deposit on November 24, it said Wednesday. The discovery comes after the company found a 77 carat yellow diamond at the mine in September.

Gem Diamonds has also found 14 diamonds weighing over 100 carats this year, including 104 and 111 carat diamonds earlier this month.

Source: DCLA

Gem Diamonds back in the black on higher prices

 

Africa-focused Gem Diamonds became on Wednesday the latest miner to show signs of a slow but steady recovery in the market after showing it had swung to positive cash flow and slashed debt on the back of rising diamond prices.

The company reduced its net debt position by $6.6 million in the July-September quarter, ending the period with $1.1 million in cash. This compares to a net debt of $5.5 million in the first half of the year.

The sale of seven diamonds for more than $1 million each helped the miner’s bottom line, generating revenue of $25.6 million during the period.

The company achieved an average diamond price in the third quarter of $2,215 per carat, up from $1,714 per carat in the first half of the year.

“These prices achieved, on a like-for-like basis, are higher than those realized in the pre-covid-19 market conditions of the second half of the 2019 [financial year]”, chief executive Clifford Elphick said in the statement.

The apparent ongoing recovery in the diamond market is still thought to be fragile. De Beers, the world’s largest diamond producer by value, said in early October it was too early to be sure of a sustained upturn in trading conditions.

“Whilst the market has been defibrillated, we think it will remain in intensive care for some time, although any improvement is good news for the smaller pure play producers with weak balance sheets,” BMO Analyst Edward Sterck said in a note last month.

Letšeng back at full tilt
Gem Diamond’s Letšeng mine in Lesotho returned to full ore mining and treatment capacity in a phased manner during the second quarter, the company said.

Enhanced focus on stability and overall uptime of the Letšeng plants resulted in a conscious decision to reduce the instantaneous feed rate to each plant to reduce feed variability and enhance recovery, Gem noted.

Since acquiring Letšeng in 2006, Gem Diamonds has found more than 60 white gem quality diamonds over 100 carats each, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

The company recently secured a 10-year extension for its mining lease, with the government of Lesotho granting the company exclusive rights for further renewals.

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 back in the black on higher prices

 

Africa-focused Gem Diamonds became on Wednesday the latest miner to show signs of a slow but steady recovery in the market after showing it had swung to positive cash flow and slashed debt on the back of rising diamond prices.

The company reduced its net debt position by $6.6 million in the July-September quarter, ending the period with $1.1 million in cash. This compares to a net debt of $5.5 million in the first half of the year.

The sale of seven diamonds for more than $1 million each helped the miner’s bottom line, generating revenue of $25.6 million during the period.

The company achieved an average diamond price in the third quarter of $2,215 per carat, up from $1,714 per carat in the first half of the year.

“These prices achieved, on a like-for-like basis, are higher than those realized in the pre-covid-19 market conditions of the second half of the 2019 [financial year]”, chief executive Clifford Elphick said in the statement.

The apparent ongoing recovery in the diamond market is still thought to be fragile. De Beers, the world’s largest diamond producer by value, said in early October it was too early to be sure of a sustained upturn in trading conditions.

“Whilst the market has been defibrillated, we think it will remain in intensive care for some time, although any improvement is good news for the smaller pure play producers with weak balance sheets,” BMO Analyst Edward Sterck said in a note last month.

Letšeng back at full tilt
Gem Diamond’s Letšeng mine in Lesotho returned to full ore mining and treatment capacity in a phased manner during the second quarter, the company said.

Enhanced focus on stability and overall uptime of the Letšeng plants resulted in a conscious decision to reduce the instantaneous feed rate to each plant to reduce feed variability and enhance recovery, Gem noted.

Since acquiring Letšeng in 2006, Gem Diamonds has found more than 60 white gem quality diamonds over 100 carats each, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

The company recently secured a 10-year extension for its mining lease, with the government of Lesotho granting the company exclusive rights for further renewals.

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