Letšeng recovers 198-carat diamond

 

BERENG MPAKI

MASERU – Letšeng Diamonds has recovered an exceptional white, high quality 198-carat diamond, according to a statement released by the majority shareholder of the mine, Gem Diamonds (Public Eye,2014).

The announcement, which was made through their website on Tuesday this week, comes shortly after the mine announced its financial and productive performance in the first half of the year (Public Eye,2014).
“Gem Diamonds Limited is pleased to announce the recovery of a 198 carat, white type IIa diamond from the Letšeng mine at the end of July 2014. This exceptional white, high quality diamond displays no florescence and is expected to achieve an exceptional price when sold this year,” the statement reads in part (Public Eye,2014).
The Chief Executive Officer of Gem Diamonds, Mr Clifford Elphick, said this latest recovery is indicative of the mine’s growing reputation of producing high quality diamonds of large size (Public Eye,2014).
The mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds’ acquisition of Letšeng in 2006, the mine has produced four of the top 20 largest white gem quality diamonds recorded in the world (Public Eye,2014).
“The recovery of this large, high quality white diamond continues to support Letšeng mine’s reputation as the most important source of exceptional quality, large diamonds,” Elphick said (Public Eye,2014).
Gem Diamonds owns 70 percent of Letšeng mine in Lesotho while the government holds the other 30 percent. Gem Diamonds also owns Ghaghoo mine in Botswana (Public Eye,2014).
“Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and the development of the Ghaghoo mine, while maintaining its strong balance sheet (Public Eye,2014).
“The company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the diamond industry over the medium to long term, particularly at the high end of the market, this strategy positions the company well to generate attractive returns for shareholders in the coming years,” Elphick noted (Public Eye,2014).

 

EWN. (2014) 198 Carat diamond found in Lesotho, www.ewn.co.za , 05 Aug. [13 Aug 2014].

Public Eye. (2014) Letšeng recovers 198-carat diamond, www.publiceye.co.ls, 11 Aug. [13 Aug 2014].