Sourcing

Gem Diamonds Unearths 357-Carat Brown Diamond

SourcingOct 16, 2018

Gem Diamonds Unearths 357-Carat Brown Diamond

It marks the 13th diamond weighing more than 100 carats recovered by the company in 2018.

This 357-carat diamond is the 13th weighing more than 100 carats Gem Diamonds has recovered so far in 2018, a company record.

London—Gem Diamonds has recovered a 357-carat light brown rough diamond from its Letšeng mine in Lesotho, which the company says is the highest dollar-per-carat kimberlite diamond mine in the world.

The discovery is the 13th diamond weighing more than 100 carats that the miner has unearthed in 2018 and the second-largest this year, falling behind an exceptional quality 910-carat, D color Type IIa diamond in January.

In August, Gem Diamonds announced the recovery of a 138-carat Type IIa diamond of “top white color,” also from Letšeng.

That discovery, the 12th diamond find over 100 carats in 2018, set a new record for the company for most 100-plus carat stones found in a year.

Other important discoveries in 2018 include a 169-carat diamond of “top white color” in March and a 100.5-carat Type IIa diamond from Letšeng in August.

The London-based miner owns 70 percent of the Letšeng mine. “Record recoveries” from the mine coupled with the sale of “The Lesotho Legend” for $40 million March led to a strong first half of 2018 for the company.

Revenue increased 81% year-over-year, from $92.9 million in the first half of 2017 to $167.7 million in the first half of 2018.

Ashley Davisis the senior editor, fashion at National Jeweler, covering all things related to design, style and trends.

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