RAPAPORT... Gem Diamonds has recovered a “high-quality” rough diamond weighing 126 carats at its Letšeng mine, following a switch to a more lucrative section of the project in Lesotho, the company reported Thursday.
The D-color, type-IIa stone is the latest in a string of large discoveries at the mine, which is known for its high-value rough production. Last month, the company found a 104.73-carat, D-color, type IIa diamond and a 151.52-carat yellow diamond. In April and May, Gem Diamonds found three D-color, type IIa rough diamonds weighing 80.58 carats, 98.42 carats and 114 carats respectively.
Gem Diamonds shifted focus to the higher-grade K6 portion of Letšeng’s main pipe in the second quarter, enabling a higher rate of large-diamond discoveries, the company explained in May. This followed a slowdown in 2016, when it unearthed only five stones of 100 carats or more, dragging revenues down by 22%.