Africa-focused Gem Diamonds (LON: GEMD) has discovered a 117.47 carat rough stone at its Letšeng mine in Lesotho, adding to a long list of diamonds over 100 carats found at the operation over the past two years.
The discovery of the Type IIa white rough diamond, made on 29 October, is much-needed positive news for the company, which in September reported a $1m loss attributable to shareholders for the first half of 2023.
The company said at the time that the loss was the result of a decline in the number of large, high quality diamonds recovered, combined with market pressures.
Since acquiring Letšeng in 2006, the company has found dozens of white gem quality diamonds of over 100 carats each, with three recovered in the first half of 2023.
At 3,100 metres above sea level, Letšeng is also one of the highest diamond mines in the world.
