Lesotho mine unearths 442-carat Diamond worth USD 18 million

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Gem Diamonds Limited, a small-scale mining firm situated in Lesotho has reportedly unearthed a 442- carat diamond from its mine. The firm, known for its contribution to the diamond mining sector has over the years, dug some of the world’s finest diamonds for the mineral sector.

On Friday, 21st August 2020, the firm announced its new recovery – a 442 carat diamond from its Letseng diamond mine located in the landlocked Southern African kingdom of Lesotho. While the precious stone awaits valuation from cutters to determine its actual market value, BMO Capital Market analyst, Edward Sterck, forecasts believe the diamond is estimated to value USD 18 million.

The demand for large diamonds has steeply declined over the last few years – giving that such stones are rare. The firm is largely known for the quality and size of precious stones it unearths. Additionally, the firm boasts of the highest average selling price of diamonds in the world.

The Global pandemic – Coronavirus, has brought the operations of most jewellery firms to a halt, especially, India’s cutting industry, which is known to handle a more substantial hand of world’s precious stone recoveries. Gem’s recovery forms part of the finest large stone recovered this year, and also gives hope to the falling industry that has been heavily hit by the global pandemic.

Additionally, the recovery goes ahead to position Gem Diamonds Limited’s believe in the consistent discovery of large and quality diamonds for the precious stone industry. Letseng mine has a history of discovering large stones of good quality. Two years ago, the firm unearthed a 910-carat stone that sold for USD 40 million and averaged two golf balls in size.

 

 

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