Lesotho: Gem Diamonds finds new bling

GEM Diamonds had recovered a 198 carat white diamond from its flagship mine in Lesotho late last month that should fetch “an exceptional price” when sold this year, chief executive Clifford Elphick said yesterday. The firm’s shares rose more than 7 percent in the session to rank among the top gainers on the London Stock Exchange. Gem Diamonds said the type IIa diamond displayed no fluorescence. Since the group acquired a 70 percent stake in 2006, the Letšeng mine has unearthed four of the 20 largest white gem-quality diamonds ever recorded. Analysts at Panmure Gordon said the diamond could be sold for as much as $15 million (R160m), based on the price of similar stones from Letšeng sold since 2010. Gem Diamonds reported revenue of $212.8m last year. – Reuters