Business

Letšeng recovers rare pink diamond

Bereng Mpaki

LETŠENG Diamond Mine has recovered a rare, high value pink 13, 33-carat diamond which has affirmed the mine’s staggering global reputation.

Letšeng Mine is famous for the production of large, top colour, exceptional white diamonds, which make it the highest dollar per carat kimberlite diamond mine in the world.

The pink colour Type I diamond, which was recovered on 7 February this month, follows the recovery of another 4, 06-carat, pink diamond last year.

Gem Diamonds, which is the majority shareholder of the mine with 70 percent shares, while the remaining shares are held by the government of Lesotho said: “A high-quality 13, 33 carat, pink colour Type I diamond recovered from the Letšeng mine in Lesotho on 7 February 2019”.

Coloured diamonds sell at higher prices than normal colourless diamonds. This is because the quality of diamonds can be graded based on four factors which are cut, clarity, colour and carat weight of the diamond.

The degree of the colour of the diamond is tested over certain levels that range from colourless (D) to significantly coloured.

According to a trading update that was recently released by Gem Diamonds detailing the company’s operational and sales performance for the period from 1 October 2018 to 31 December 2018 (Q4 2018), the 4, 06 carat pink diamond that was recovered in 2018 has achieved the highest price per carat achieved during 2018.

“During the period, the highest diamond price achieved was US$64 067 (about M871 311) per carat for a 4, 06-carat, pink diamond, which is also the highest price per carat achieved during 2018,” the company said.

Meanwhile, Kao Mine which is operated by Storm Mountain Diamonds, recovered a similar pink diamond in June 2018. The mine at the time indicated that the 29, 59 carat diamond which is nicknamed The Rose of Kao, had an estimated of value of US$8, 8 million (about M117 million), but with potential prospects to sell even higher or less than the estimated value depending on the diamond market.

Lucapa Diamonds, which operates Mothae Mine, last June also recovered an 89, 75-carat yellow diamond, which was recovered during the mine’s trial phase. It was not yet valued at the time of its announcement

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Lesotho Times

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