Gem Diamonds has recovered its third yellow diamond over 100 carats this year, following a two year dearth of stones in that hue and size.
The miner found the 114.2-carat rough on August 22 at its Letšeng mine in Lesotho, it said Monday. The company unearthed a 135-carat, yellow diamond from the deposit in June, and a similar 134-carat stone was brought up in March. Prior to those recoveries, Letšeng hadn’t yielded a yellow diamond over 100 carats since June 2017, when Gem Diamonds retrieved a 151.52-carat rough at the site.
The discovery is also the sixth over 100 carats the miner, known for its large-stone retrieval, has unearthed so far this year. These include three white diamonds, weighing 123.5, 140 and 161 carats.
During the first six months of the year, the miner recovered three stones over 100 carats, compared to 10 of that size during the same period a year ago. The lack of large stones in comparison with last year has hurt Gem Diamonds’ revenue. Sales of rough diamonds fell 44% to $94.5 million in the first half, with the average price dropping from $2,742 per carat to $1,697.