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Gem sells diamonds for US$22.7 million

Publishing Date
25 Nov 2010 10:05am GMT
Mining Journal

Gem Diamonds Ltd has sold two large rough diamonds for US$22.7 million. The stones were recovered earlier this year from its Letseng mine in Lesotho.

The London-listed company said it sold both the 196ct and 184ct rough white diamonds for an average of almost US$60,000/ct. The diamonds were sold to South African Diamond Corp (SAFDICO) at a tender in Antwerp on November 24.

Additionally, a 4.68ct rough blue diamond was sold for US$155,000/ct, which the company said was the highest price per carat achieved for a Letseng rough diamond to date. Overall, the average price achieved for the November tender was US$2,341/ct.

Clifford Elphick, Gem Diamonds chief executive, said: “It is very pleasing that Letseng’s diamonds continue to attract strong prices and I congratulate SAFDIC on their purchase of these two remarkable diamonds of top colour and outstanding clarity.”

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