10-01-2018
Gem Diamonds Ltd. (LSE:GEMD) announced the recovery of two large diamonds which weighed over 100 carats. The 110 carats and 117 carats are both D colour and type IIa stones dug up from Letšeng, the company’s Lesotho mine in southern Africa.
70 percent of Letšeng is owned by Gem Diamonds. The mine is known for the recovery of huge and high-quality white diamonds. It has produced four of the 20 largest top-notch diamonds ever found. Last year, Gem Diamonds found at least seven diamonds weighing over 100 carats from a higher-grade part of Letšeng, the world's highest diamond mine with an elevation of 3,100 m.
The company’s stock rose as much as 8.2 percent in London trading following the announcement. “The gradual improvement in Letšeng’s output of large white stones should, we think, see the share price stronger today. It also seems to indicate that the trend back toward large recoveries which emerged in [2017] remains on track,” stated by Des Kilalea and Tim Huff, analysts of investment bank Canaccord Genuity.
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