Gem Diamonds Sells 164-Ct. Letšeng Rough for $9M

Gem Diamonds sold a 164 carat, D color, type IIa rough diamond from the Letšeng mine for $9 million, or $54,911 per carat. The stone was sold in a profit sharing agreement with an unnamed buyer whereby Letšeng will benefit from a share of the sale of the resulting polished diamonds.

The diamond was recovered at the Letšeng main pipe on April 30 and follows the installation of two new secondary and tertiary crushers at the mine’s processing plant 2. Two remaining crushers are schedule to be installed before the end of June.

In addition to the 164 carat stone, Gem Diamonds reported that a 103 carat diamond of lesser quality was also recovered from the Letšeng main pipe during May. The stone will be placed on tender for sale in June.