Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
London-listed Gem Diamonds announced Wednesday it has found the world’s 15th largest white diamond at its Letšeng Mine in Lesotho, which is fast-becoming the richest source of large diamonds in the world.
The company said the type II D 553 carat colour diamond diamond is being analyzed in Antwerp at the moment and has not been named. Without the occasional large diamond find, the Letšeng pipe would probably be a marginal deposit, but the mine, 30% owned by the King of Lesotho, has also yielded the 603 carat Lesotho Promise turned into a $12.4 million necklace (pictured). The 493 carat Letšeng Legacy sold for $10.4 million in 2007 and the 478 carat Light of Letšeng went for $18.4 million in 2008.
The world’s biggest certified diamond is the 3,106-carat Cullinan, found at the mine near Pretoria, South Africa, in 1905. It was cut to form the Great Star of Africa and the Lesser Star of Africa, set in the Crown Jewels of Britain.
Earlier in August Gem Diamonds announced record first half profits as diamonds from Letšeng achieved an average value of $3,052 almost double that of 2010. The mine produced in the six-month period 105 diamonds that were valued at more than $20,000 p/c.
World’s 15th Largest Diamond Found by Gem at Lesotho Mine – Businessweek reports rough diamond prices advanced 49% in the first half, accelerating after two straight years of more than 30% growth as stagnant production failed to meet Asian demand.
4 Comments
Solwandlet
The mine is not 30% owned by the King of Lesotho but owned by the Government of Lesotho.
Thandiwe Solwandle
Letseng communications
gemologists
I want to see that world’s 15th largest white diamond atleast once a glance.Letšeng’s Mine has the highest percentage of large diamonds (over 10 carats) of any known kimberlite mine, while having relatively low carat weight per ton of ore production.Its really a fact.
Delma Corder
Wow this is a beauty DOES YOUR MINE RESELL TO INVESTORS needing rough Diamonds need a rough diamond manafest hve several diamond buyers and gem stones also send reply to [email protected]
Siphiwe
I am proud to work with such a brilliant team. We care We protect We achieve. Big up Mabenyane a JH big up