FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
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
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
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.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
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.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
