Gem Diamonds Limited (LON:GEMD) has announced the recovery of an "exceptional quality" 149 carat, D colour Type IIa diamond, with "excellent" shape, from the Letseng mine in Lesotho.
The group pointed out that this is the fourth high quality diamond of more than 100 carats recovered so far this year from Letseng, the highest dollar-per-carat kimberlite diamond mine in the world.
READ: Gem unearths huge diamond of 'exceptional quality' at Letseng in Lesotho
Last week, the company recovered a 910 carat diamond, thought to be the fifth largest diamond of gem quality ever recovered.
In a note to clients on the latest stone, analysts at RBC Capital Markets said: "We would expect it to reach a value of around US$4.5mln-US$7.5mln.
“Alongside the recovery of the other +100ct stones, the proceeds of the 149ct will, in our view, be put towards deleveraging and contributing towards the waste strip for 2018.”
In late afternoon trading, Gem Diamonds shares held steady at 89p.
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