De Beers upbeat on Botswana diamond pact after meeting new president
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Africa-focused miner Gem Diamonds (LON: GEMD) has unearthed a 145.55 carat, Type II white diamond at its prolific Letsěng mine in Lesotho.
The diamond, recovered on August 3rd, is the ninth greater than 100-carat precious stone recovered this year at the operation, the company said.
Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure. Boart diamonds are stones of low quality that are used in powder form as an abrasive.
The Type II, white diamond is the ninth greater than 100-carat precious stone recovered this year at the Letsěng mine.
The Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.
Diamond miners are going through a rough patch as US and Chinese demand for diamond jewellery continues to be weak and the popularity of cheaper laboratory grown diamonds continues to rise.
In 2015, man-made diamonds had barely made an appearance as a competitor to natural diamonds. By last year, these stones accounted for more than 10% of the global diamond jewelry market, according to industry specialist Paul Zimnisky.
The market values of small to medium diamond mining companies, including Canada’s Lucara (TSX: LUC), South Africa’s Petra (LON: PDL), and Gem Diamonds itself, are around $100 million or less. This is only about a third or a fourth of the price the large stones they aim to find may be worth.
The news comes as competitor Petra Diamonds postponed the sale of rough stones mined at its South African operations that would have been offered during the August/September event of the year, amid low demand.
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Tumi
It’s sold where