Gem Diamonds Recovers Third 100-carat Diamond

Gem Diamonds Ltd. (LSE:GEMD) announced that it has recovered a third 100-carat diamond from its Lesotho-based Letšeng mine. The white, type IIa diamond was found on June 22.

As quoted in the press release:

This rough diamond is the third diamond over 100 carats in size to be recovered from Letšeng since May this year. The recovery of a 164ct D Colour Type IIa diamond, which was sold for US$9 million into a partnership arrangement; and the recovery of a 103 carat yellow diamond, sold on tender, were both announced on 31 May 2013.

Clifford Elphick, CEO of Gem Diamonds, commented:

Letšeng has recovered a third rough diamond over 100 carats within the last 2 months. Mining will steadily increase in the higher value and higher grade Satellite pipe in H2 of this year, and it is anticipated that revenues will therefore show a resulting increase.

Click here to read the full Gem Diamonds Ltd. (LSE:GEMD) press release.