Firestone finds 54-carat fancy yellow

Firestone Diamonds, a diamond mining company with operations in Lesotho, found a 54- carat, intense fancy yellow, sawable diamond in Liqhobong Mine in Lesotho. The diamond will go on sale at the company's next tender in September 2019.

Firestone's CEO, Paul Bosma, said: "The Liqhobong mine has become known for its fancy yellow stones but this one is the largest we've recovered so far and is therefore quite special. Although certain segments of the diamond market are currently struggling, the demand for unique natural stones remains positive."

The find is of utmost importance to the junior miner. Firestone Diamonds shares have slide no less than 81.2 percent in the past 52 weeks. In the past four weeks alone, the company's stock lost 25 percent in value.

But Firestone is not alone in its predicament. Other junior miners are experiencing similar downturns, and investors are gradually turning away from junior diamond miners' stocks.  

Firestone commenced commercial production in July 2017 at the Liqhobong Diamond Mine. Liqhobong is owned 75 percent by Firestone and 25 percent by the Government of Lesotho. Lesotho is one of Africa's significant new diamond producers, hosting Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine, Namakwa Diamonds' Kao Mine and Lucapa's Mothae Mine.