Gem Diamonds (LON:GEMD) has unearthed an exceptional 198-carat white type IIa diamond from the Letšeng mine in Lesotho.
The company said the high quality diamond shows no fluorescence – a revered quality in colourless stones – and “is expected to achieve an exceptional price when sold this year”.
Earlier this year, the group bagged US$13.5mln from the sale of two exceptional plus 160 carat rough diamonds recovered from Letšeng.
Gem Diamonds owns 70% of the Letšeng mine in Lesotho. It shares have performed well this year, up 35% to two-year highs amid rising prices.
A first-half trading update at the end of July spurred the shares on as revenues jumped 80% to US$147.8mln and 29% more carats were recovered (54,678) compared to the same period last year.
Gem Diamonds chief executive Clifford Elphick said: “The recovery of this large, high quality white diamond continues to support the Letšeng mine's reputation as the most important source of exceptional quality, large diamonds.”
The stock sparkled 5% higher on Tuesday at 196.5p.