Gem Diamonds Unearths 198 Carat Rough Diamond in Lesotho

Gem Diamonds Unearths 198 Carat Rough Diamond in Lesotho

Huge 198 Carat Diamond Discovered by Gem Diamonds

Gem Diamonds recently found an exceptional 198-carat white diamond in Lesotho, which should bring in an “exceptional” profit when sold this year. The share for Gem Diamonds rose about 7% on the London Stock Exchange yesterday after this tremendous find. Diamond inspectors said the rough diamond shows no signs of fluorescents and is considered a good quality diamond!

This diamond is a type IIa diamond. Type IIa diamonds are consist of being high values, and the most pure of diamonds. They hardly have any nitrogen, or none at all in the structure. There are only 1%-2% of type IIa diamonds discovered globally.

The Letseng mine located in the Maluti mountains of Lesotho is typically known for its larger white diamonds. Gem Diamonds company gained 70% of stake in 2006. After the acquisition the mine was responsible for discovering 20 of the largest white diamonds ever. The government of Lesotho owns the other 30%.

“The recovery of this large, high-quality white diamond continues to support the Letseng mine’s reputation as the most important source of exceptional quality, large diamonds,” Gem Diamonds Chief Executive Clifford Elphick said in a statement.

Gem Diamonds plans on having a huge return on this diamond. An analyst at Panmure Gordan is estimated this diamond will sell for between $10-$15 million based on a similar stone sold in 2010. This would be a remarkable profit for the company and would put them at a higher calibre. Gem Diamonds dole a 162.02- carat diamond for $11.1 million and a 161.31-carat diamond for $2.4 million. These diamonds were both discovered in the Letseng mine.

“On that basis, a 198-carat diamond would be in the range of $2.9 million to $13 million,” analysts at Numis wrote. He also said depending on the color, clarity and cut the price can decrease or increase substantially

Rumored to has it in Botswana, Gem Diamonds was reported to have revenues of $212.8 million in 2013. This diamond company is on the rise to doing great things.

How much do you think this diamond will sell for? And what diamond cut do you predict the 198-carat stone will be cut in to?

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