Gem Diamonds Recovers 102ct. Rough from Letšeng

Gem Diamonds has unearthed a 101.96-carat rough from its Letšeng mine in Lesotho, its second stone over 100 carats so far this year.

The miner discovered the gem-quality, type IIa diamond on September 28, it said Wednesday. The find follows that of a 122-carat stone on March 5.

While Letšeng had previously been known for producing high-quality rough diamonds topping the 100-carat mark, that supply has been declining. Last year, the miner retrieved only four diamonds of that magnitude, versus six in 2021 and 16 in 2020.

The lack of special-size stones has hurt the company’s revenue, with sales falling 28% year on year to $71.8 million in the first six months of 2023. The miner incurred a loss of $1 million, compared to a profit of $3.8 million during the same period in 2022.