Shares in Africa-focused Gem Diamonds (LON:GEMD) skyrocketed Monday morning after the miner announced the recovery of what it qualified as the fifth biggest gem-quality diamond ever found.
The 910-carat, D colour, Type IIa rough diamond was unearthed at the firm's flagship Letšeng mine in Lesotho. According to analysts at Liberum, could fetch as much as $40 million, based on previous sales of large stones.
The company’s stock jumped more than 15% on the news by midday Monday, trading at 93p.
Since acquiring Letšeng in 2006, Gem Diamonds has found four of the 20 largest white gem quality diamonds ever recovered, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.
Gem sold a 357-carat stone for $19.3 million in 2015 and in 2006 found the 603-carat Lesotho Promise.
“This exceptional top quality diamond is the largest to be mined to date and highlights the unsurpassed quality of the Letšeng mine,” em Diamonds' chief executive officer, Clifford Elphick, said in the statement.
At an average elevation of 3,100 metres (10,000 feet) above sea level, Letšeng is also one of the world’s highest diamond mines.
More to come…
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