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Gem Diamonds recovers 185 carat diamond at Africa mine

Reuters    Translate This Article
2 November 2010

(Reuters) - Gem Diamonds Ltd said it found a 185-carat rough white diamond at its Letseng mine in Lesotho in southern Africa.

The exceptional rough diamond is the second of two large, white diamonds to be recovered from the Letseng mine, following the recovery of the 196-carat white diamond on August 24.

'This rough diamond will yield top colour and top clarity polished diamonds and is thus expected to achieve a substantial price per carat,' the company said in a statement.

Gem has found three of the world's twenty largest diamonds since it acquired the Letseng mine in mid 2006, including the 603 carat Lesotho Promise recovered in August 2006, which it sold for $12.4 million.

The company whose operations and projects are located in Angola, Australia, Botswana and Lesotho has a 70 percent stake in the Letseng mine.

Gem Diamonds' shares, which have gained 5.5 percent since the company disclosed the 196-carat white diamond find on Sep. 7, closed at 205.75 pence on Monday on the London Stock Exchange.

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