Lesotho: Gem Diamonds nets $10.6m sale

GEM DIAMONDS had sold a 198-carat white diamond recovered from its Letšeng mine in Lesotho in August for $10.6 million (R119.5m), the London-listed firm said yesterday. “This is a good result for Gem Diamonds, but the value comes in slightly below the recent type II 160-carat diamond, which the company sold in March,” analysts at Numis Securities said. The diamond was sold at Letšeng’s September tender, Gem Diamonds, which also mines in Botswana, said. At a tender in February, the company sold a 162.02-carat diamond for $11.1m and a 161.31-carat stone for $2.4m. Both diamonds were recovered from Letšeng, which is known for its large white diamonds. – Reuters