News

Advanced Search

Letšeng Pink Sells for Almost $9M

Mar 14, 2019 9:33 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Gem Diamonds has announced the sale of a 13.33-carat pink diamond, discovered in February at its mine in Lesotho, for $8.8 million.

The tender sale, which took place in Antwerp, represents a record per-carat price of $656,933 for the company, it said Thursday.

The result builds on a successful 2018 for Gem Diamonds, which more than doubled its profits to $46.6 million, it reported. The miner said this was due to a record number of large stones recovered at the Letšeng mine, with its haul of diamonds weighing more than 20 carats rising 21% to 257.

Last year, it sold 44 diamonds for more than $1 million, achieving a total of $137.2 million. This includes the Lesotho Legend, which garnered $40 million last March.

Despite its positive financial results, Gem Diamonds failed to declare a dividend for 2018, saying its priority was strengthening its financial position given the uncertainty of the current diamond market.

Image: The pink diamond. (Gem Diamonds)
Tags: Antwerp, Gem Diamonds, Letšeng, Letšeng mine, mining, pink, Pink Diamond, Rapaport News, rough, Rough Diamonds, tender
Similar Articles
Business BotswanaDe Beers Can Do More, Botswana Business Says
Jun 18, 2019
Business Botswana called out De Beers for failing to provide substantial opportunities for the country’s businesspeople,
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2019 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.