Gem Diamonds, operator of the Letšeng mine in Lesotho, has reported its diamond production and sales report for the first half of the year (ended June 30). The miner generated tender revenues of $169.2 million – a record for the company. It sold 61,696 carats for an average price of $2,742 per carat – up 33% from the second half of 2017.
Gem Diamonds sold 25 diamonds for more than $1 million each, generating revenue of $99.1 million during H1. The Lesotho Legend, a 910 carat, D Colour, Type IIa diamond that was recovered in January, sold for $40 million in March. The Lesotho Legend is the largest diamond recovered to date from Letšeng. In addition, Gem Diamonds announced it has started a formal sale process of its Ghaghoo mine and has received “initial non-binding offers” for the mine.
Gem Diamonds’ CEO, Clifford Elphick, commented that “Greatly improved recoveries combined with the discovery and subsequent sale of the Lesotho Legend has generated a strong financial performance for the first half”.
