Gem Diamonds finds yet another big stone in Lesotho

Africa-focused miner Gem Diamonds (LON: GEMD) has unearthed a new major Type II white diamond at its prolific Letšeng mine in Lesotho, barely six days after the previous find.The 118.74 carats diamond is the fifth greater than 100-carat precious stone recovered this year at the operation, the company said.Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure. Boart diamonds are stones of low quality that are used in powder form as an abrasive.The prolific Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.Diamond miners are going through a rough patch as US and Chinese demand for diamond jewellery continues to be weak and the popularity of cheaper laboratory grown diamonds (LGD) continues to rise. In 2015, man-made diamonds had barely made an appearance as a competitor to natural diamonds. By last year, these stones  accounted for more than 10% of the global diamond jewelry market, according to industry specialist Paul Zimnisky.The market values of small to medium diamond mining companies, including Canada’s Lucara, South Africa’s Petra (LON: PDL), and Gem Diamonds itself, are around $100 million or less. This is only about a third or a fourth of the large stones they aim to find.The rough diamond inventory has decreased this year, but the polished diamond stocks remain high. According to Bank of America, the polished diamond stocks were over $20 billion at the end of 2023, which is close to a five-year high, up about a third from the end of 2022.Weiter zum vollständigen Artikel bei Mining.com Zum vollständigen Artikel