May 25, 2018 Last Updated 11:11 AM, May 23, 2018

Gem Diamonds unveils two 100+ carat finds in Lesotho

diamond in bedrockABNABN - Africa-focused Gem Diamonds (LSE:GEMD) has announced two significant diamond discoveries from its Letšeng mine in Lesotho.

The first of the two massive specimens is a 151.52-carat Type I yellow rock, while the second also measured over 100 carats, being a 104.73-carat D-colour Type IIa stone.

Gem’s latest discovery comes hot on the heels of several recent high-quality finds, including an 80.58-carat D-colour Type IIa diamond and a 98.42-carat D-colour Type IIa stone, which were both unearthed last month.

In addition, the miner also discovered a 114-carat D-colour Type IIa diamond in April, which kicked off a successful three-month period of exceptional finds at the Letšeng mine.

The mine, located in enclaved Southern African nation Lesotho, is renowned for producing large, top colour, exceptional white diamonds, and is the highest dollar per carat kimberlite diamond mine in the world, according to Gem.

In response to the announcement, shares in the miner closed 3% higher at 94.25p, with the discovery likely to resemble a big financial boon for the diamond miner.



This Month's Issue

abn v5iCover finalweb