MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SourcingMay 25, 2017
98-Carat Diamond Found at Lesotho Mine
Gem Diamonds recovered the stone and also recently sold a 114-carat diamond and a nearly 9-carat pink from the same mine.
Gem Diamonds recovered this 98.42-carat D color Type II diamond at its Letšeng mine in Lesotho. The stone will be sold in June.
London--Gem Diamonds’ recovery of larger diamonds from the Letšeng mine in Lesotho has picked up a bit, with the mining company finding two fairly big pieces of rough this month.
On May 3, Gem Diamonds recovered an 80.58-carat D color Type II diamond from the mine.
On May 23, it announced the recovery of an even bigger stone--a 98.42-carat diamond of the same quality. (Type II diamonds contain no nitrogen or boron impurities and are the most pure diamonds, chemically speaking.)
The mining company will sell both diamonds in June.
The announcement of the recovery of the 98-carat diamond came as the company provided its trading update for the first quarter ended March 31.
During that period, Gem Diamonds, which owns a 70 percent stake in the Letšeng mine in Lesotho and 100 percent of the currently mothballed Ghaghoo mine in Botswana, reported that it sold 39,950 carats of diamonds for a total of $65.4 million in the first three tenders of 2017.
That’s an average per-carat price of $1,636, up 13 percent from the $1,444 per carat achieved in Q4 2016.
Eleven diamonds went for more than $1 million each, generating revenue of $20.4 million.
This includes an 8.65-carat pink diamond that sold for $1.4 million or $164,855 per carat. That is the sixth-highest price Gem Diamonds has gotten for a Letšeng diamond.
The company also sold the 114.38-carat Type II, D color diamond found in April into a partnership.
In the first quarter, the company recovered 25,479 carats of diamonds, down 4 percent from the fourth quarter 2016 and 11 percent from the same period last year.
The pick-up in recovery of larger stones is good news for the London-based miner that’s sole current operating mine depends on the recovery of big, valuable stones that fetch a high per-carat price. (By comparison, larger diamond mining companies with multiple operations of varying qualities, like De Beers, will sell millions of carats in a quarter but achieve a lower price per carat.)
Last year, Gem Diamonds lost money, with the drop in the number of diamonds over 100 carats recovered impacting cash flow and revenue.
Commenting on the first quarter results, CEO Clifford Elphick said, “Letšeng has recovered larger, better quality diamonds during the period, and it is encouraging that during April and May, there was a notable improvement in the size and quality of diamonds recovered at Letšeng with the dollar per carat
achieved trending positively. The market for Letšeng’s high quality diamonds has remained firm over the period and this is anticipated to continue.”
As previously announced, geologist and former Rio Tinto executive Harry Kenyon-Slaney will become the chairman of Gem Diamonds on June 6, replacing the retiring Roger Davis.
As previously announced, geologist and former Rio Tinto executive Harry Kenyon-Slaney will become the chairman of Gem Diamonds on June 6, replacing the retiring Roger Davis.
More on Sourcing
The Latest
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
