Gem Diamonds Tender Fetches $42,000 Per Carat Average

Gem Diamonds recently held a tender of large rough diamonds recovered from its Letšeng mine in Lesotho, in which a 10 diamonds, 261.4 carats total, were sold at a high average price of $42,000 per carat. The diamonds varied in size from 11.8 to 70.7 carats and in colors of D though F.

“The premium price per carat of achieved for this tender reinforces Letšeng’s status as one of the most remarkable diamond mines in the world and shows that demand for exceptional stones continues unabated. The recovery of these large high quality stones from Letšeng ore of mixed source confirms the mine’s ability to deliver into this continued demand to the benefit of all shareholders,” commented Gem Diamonds CEO Clifford Elphick.

Letšeng has produced a number of remarkable diamonds, including the 493 carat Letšeng Legacy, recovered in September 2007 and sold for $10.4 million; the 603 carat Lesotho Promise, which sold in October 2006 for $12.4 million and the 601 carat Lesotho Brown, which was recovered when mining first started at Letšeng in 1961.