CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
SourcingMar 16, 2020
Gem Diamonds Uncovers Six Notable Stones
The miner also reported a dip in revenue and the number of carats recovered in 2019, which it attributed to an overall weakness in the market.
The miner recovered five white diamonds ranging from 33 to 114 carats and a 13-carat pink diamond. (Image courtesy of GemFind)
London—Gem Diamonds recently recovered six top-quality white and pink diamonds from its Letšeng mine in Lesotho.
Between Feb. 28 and March 3, the miner recovered five white diamonds ranging from 33 to 114 carats and a 13-carat pink diamond.
Between Feb. 28 and March 3, the miner recovered five white diamonds ranging from 33 to 114 carats and a 13-carat pink diamond.
The company recovered a 13.33-carat Type I pink diamond last February, which sold at a tender in Antwerp for $8.8 million, or roughly $656,441 per carat, to an undisclosed party.
The London-headquartered company recovered 11 diamonds larger than 100 carats in 2019 compared with 15 in 2018.
The recoveries in 2019 brought the total number of diamonds recovered at the Letšeng mine greater than 100 carats to 100.
Gem Diamonds released its full-year results Thursday, posting a drop in revenue and the number of carats recovered in 2019, which the company attributed to an overall weakness in the market.
Full-year revenue totaled $182 million, down 34 percent compared with $267.3 million in 2018.
Its profit from continuing operations dipped 70 percent to $15 million compared with $52.4 million the previous year.
In a statement from Chairman Harry Kenyon-Slaney , the company pointed to “prolonged weakness” in the rough diamond market and an oversupply of rough diamonds as underlying factors in the decline.
In a video interview, Elphick forecast better days ahead for the market, and said, “We’ve already seen prices start picking up and I think that momentum will increase as people get more confidence back into the system.”
The miner recovered 113,974 carats in 2019, down 10 percent compared with 126,875 carats the previous year.
The average value per carat was $1,637, a 23 percent drop compared with $2,131 per carat in 2018. The highest dollar per carat in 2019 for a white rough diamond was $48,255 per carat.
Letšeng is known for producing large, high-quality diamonds, and Gem Diamonds has called it the highest dollar per carat kimberlite diamond mine in the world.
The company signed a new mining lease in Oct. 2019, securing its mining rights at Letšeng until 2039. The agreement includes a 10-year exclusive renewal option from 2029.
“[The lease renewal], together with the continued emphasis on cost controls, positions the company well for an upturn in the market for Letšeng’s quality production which appears to have begun," said CEO Clifford Elphick in a press release announcing the annual results.
Per the terms of the new lease, the royalty rate on diamond sales increased to 10 percent from 8 percent. There will also be an increase in the number of work permits granted.
Shareholding in the mine remains the same with Gem Diamonds owning 70 percent and the Government of the Kingdom of Lesotho owning the remaining 30 percent.
Last year, the miner announced the sale of its Ghaghoo mine in Botswana, which was part of the sale of its entire Botswana operation.
The chairman’s letter also expressed the company’s condolences following the death of Abele Mtambo, a colleague from a sub-contracting company working at the Letšeng mine, who died in a vehicle accident earlier this year.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
MajorsApr 20, 2026
Kendra Scott Names New CFO, Chief Business OfficerThe jewelry retailer plans to open 20 new stores this year and expand into new product categories.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
