CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
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
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
