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Gem Diamonds Retrieves Another Five Big Stones

Mar 8, 2020 5:59 AM   By Rapaport News
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RAPAPORT... Gem Diamonds has recovered five large, high-quality stones at its Letšeng mine in Lesotho, continuing a strong first quarter for the company’s production.

The company unearthed four white diamonds weighing 88, 56, 53 and 33 carats between February 28 and March 3. It also found a “top-quality” 13-carat pink diamond.

Those are in addition to the recovery of a 114-carat stone the miner reported last week. It found a 183-carat, white, type IIa diamond last month.

The miner is ahead of where it was this time last year in terms of its large-stone recoveries. In 2019, Gem Diamonds didn’t find any stones over 100 carats until late March. During that year, the company unearthed a 13.33-carat pink diamond similar to the one it found last week. That stone sold to Graff for $8.8 million, fetching a record average price of $656,933 per carat for Gem Diamonds.
 
While the recovery of large stones bodes well for the company, it has had to cancel a rough tender that was set to take place in Israel from March 8 to 12 due to the coronavirus, the Israel Diamond Exchange reported. Its Belgium auction will proceed as planned.

Image: The six diamonds recovered between February 28 and March 3. (Gem Diamonds)
Tags: Coronavirus, Gem Diamonds, Graff, Letšeng mine, Rapaport News
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