Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
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
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami JewelerOmar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane KatrinaThe New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.
ColumnistsAug 05, 2025
The PR Adviser: Affiliate Marketing Is the Cost of CoverageLilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.
Events & AwardsAug 05, 2025
JA Announces Seymour & Evelyn Holtzman Bench Scholarship WinnersThe organization has awarded a total of $42,000 through its scholarship programs this year.
Events & AwardsAug 04, 2025
Gem Awards, David Yurman Introduce $50K Grant for Emerging DesignersThe winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.
TrendsAug 04, 2025
Amanda’s Style File: August’s Bright BaublesAs summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.
CrimeAug 04, 2025
‘The Watch King’ Assaulted, Robbed in QueensMoshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.
