Gem Diamonds (LON:GEMD) today revealed sparkling returns that can be made from the search for top quality gems.
At auction it netted a cool US$10.6mln for a rare 198 carat white diamond.
It was discovered at its Letšeng mine in Lesotho and was auctioned in the company’s September tender of stones.
Chief executive Clifford Elphick said: "The sale of this large, high quality white diamond demonstrates the continued robust demand for large high quality diamonds."
Letseng yielded 54,678 carats in the first half of the year, including diamonds of 162, 161 and 133 carats.
These helped boost revenues 54% to US$148.9mln (2013: US$96.5mln), while underlying earnings (EBITDA) were lifted 87% to US$62.2mln.
The firm had cash on hand of US$113.9 million as at the end of June, of which US$98.4 million was attributable to Gem.