Maseru, Lesotho – In a noteworthy discovery, Gem Diamonds has successfully unearthed a remarkable 102-carat, type IIa diamond at the esteemed Letšeng Mine on September 28, the company announced on Wednesday. This significant find follows closely on the heels of a 122-carat diamond uncovered on March 5, underlining the continued promise of this renowned mining operation.
Historically, Letšeng Mine has earned a reputation for yielding exceptional rough diamonds surpassing the coveted 100-carat threshold. However, this stream of extraordinary finds had seen a noticeable decrease in recent years. In 2022, the mine produced merely four diamonds of this caliber, in stark contrast to six in 2021 and a striking 16 in 2020.
The diminishing supply of special-sized stones has cast a shadow on Gem Diamonds’ financial performance, with the company reporting a 28% decrease in sales, amounting to $71.8 million during the initial six months of 2023. This decrease stands in stark contrast to the same period in 2022 when the company recorded a profit of $3.8 million. During the first half of 2023, Gem Diamonds incurred a loss of $1 million, magnifying the impact of the decreasing yields of remarkable diamonds on its revenue and overall financial health.
