National Jeweler Network

Financial Reporting

Gem’s 12-carat blue stone sells for $7.5M


London--A 12.47-carat piece of blue rough discovered at an African mine sold for $7.5 million at tender, or $603,047 per carat, mining company Gem Diamonds Ltd. announced.

The sale of the big blue diamond set a new per-carat record price for a diamond mined from Gem Diamonds’ Letšeng mine in the Kingdom of Lesotho. Gem owns a 70 percent stake in the mine, with the remaining 30 percent controlled by the Lesotho government.

At the same tender, an 82-carat white diamond sold for $4.8 million, or $59,173 per carat.

“Letšeng continues to achieve such outstanding prices for its exceptional diamonds and we continue to expect recovery of such high-quality diamonds as mining at Letšeng continues to focus more on the higher-grade, higher-value satellite pipe toward the end of 2013 and into 2014,” Gem Diamonds CEO Clifford Elphick said.

Gem Diamonds announced the recovery of both of these diamonds in September. They are one among a number of exceptional finds by smaller diamond mining companies this year.