5th Aug 2014 10:25
LONDON (Alliance News) - Gem Diamonds Ltd shares rose Tuesday after it announced the recovery of a 198 carat, white type Ila diamond from the Letseng mine in Lesotho.
Gem said the find, made at the end of July, is expected to achieve an exceptional price when it sells this year.
"The recovery of this large, high quality white diamond continues to support the Letseng mine's reputation as the most important source of exceptional quality, large diamonds," said Clifford Elphick, Chief Executive of Gem Diamonds.
Last week, Gem said revenue from the Letseng mine in the first half of the year was up 80% on the year at USD147.8 million. There was a 29% increase in carats recovered to 54,678 carats and its sales volumes increased 14% to 53,799 carats.
Earlier this year, it found two diamonds of over 160 carats at the mine, and sold them for USD12.5 million combined.
Gem shares were up 4.9% to 196.5 pence on Tuesday, putting it among the top five risers on the All Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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