Gem Diamonds has unearthed a 122.20-carat rough diamond from its Letšeng mine in Lesotho, marking the third diamond over 100 carats discovered in the past month and the 11th of its kind this year.
The company recovered this high-quality, type II diamond on September 1, following the discovery of a 129.71-carat rough on August 23 and a 145.55-carat stone on August 3.
Additional notable finds this year include a 212.49-carat rough in May and two type IIa diamonds in April weighing 169.15 and 118.74 carats, respectively.
The recent influx of large diamonds is attributed to operational improvements at Gem Diamonds’ processing plant, which have increased the recovery rate of large rough stones.
This marks a significant turnaround after several years of diminishing large-stone finds. In 2022 and 2023, the company recovered only four diamonds over 100 carats each year, compared to six in 2021.
With 11 large stones recovered so far this year, Gem Diamonds is on track to match or surpass the 16 stones over 100 carats found in 2020.
In response to the increased recovery of large rough diamonds, Gem Diamonds has upgraded its production and sales forecasts for the year.
The company now expects output to reach between 98,000 and 101,000 carats, with sales estimated between 100,000 and 103,000 carats.
For the first half of the year, Gem Diamonds reported a profit of $5.5 million, up from $1.5 million during the same period last year, with revenue rising 9% to $78 million.
