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Gem recovers third +100-ct diamond of 2024

Gem Diamonds is enjoying a reversal in its fortunes after recovering it third +100-ct stone of 2024 - a high-quality 113-ct Type IIa diamond. In the whole of 2023 the UK-based miner recovered a total of just five +100-cts stones, well down on its its long-term average of eight a year.

In January Gem recovered two diamonds - weighing 129-cts and 295-cts - from the Letseng mine, in Lesotho, which is the highest dollar per carat kimberlite diamond mine in the world. Earlier this month Gem reported that 2023 revenue ($139.4m) and average per carat prices ($1,334) were down by around a quarter, because of "downward pressure" in the rough market.

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