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ANOTHER MASSIVE DIAMOND RECOVERED AT LETŠENG

By Staff Writers

Maseru, Sept 01 (The Night’s Watch) – Letšeng Diamonds continued with its impressive run of recovering high quality diamonds, with the latest find being a high quality 233 carat Type II white diamond from the mine in Mokhotlong.

Gem Diamonds Limited, which owns 70 percent of Letšeng Diamonds with the remainder held by the government, released a statement on Tuesday announcing the latest find.

The latest diamond discovery comes after another huge find of a 442-carat diamond announced last week.

Edward Sterck, analyst at BMO Capital Markets wrote in a note that while it was hard to establish a price for such stones before cutters could evaluate them, a 442-carat diamond could sell for as much as $18 million.

The recoveries come as the global diamond industry has been brought to its knees by the coronavirus pandemic.

Jewellery stores have closed and India’s cutting industry, which handles almost all of the world’s stones, has come to a halt.

The miners that dominate the industry, De Beers and Russian rival Alrosa PJSC, have seen their rough diamond sales collapse.

Owned by the London-listed Gem Diamonds and the Lesotho government, Letšeng Diamond Mine is famous for the size and quality of diamonds it produces and has the highest average selling price in the world.

Two years ago, Gem Diamonds found a 910-carat stone, the size of two gold balls, that sold for $40 million. NW

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