IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
SourcingAug 25, 2020
442-Carat Diamond Recovered From Mine in Lesotho
It’s the largest find for Gem Diamonds so far this year, and is believed to be the second-largest gem-quality diamond dug up this year.
The 442-carat Type II rough diamond recently found at the Letšeng mine (Photo courtesy of Gem Diamonds)
London—Gem Diamonds Ltd. said Friday it has recovered a 442-carat rough diamond from the Letšeng, the largest find at the mine so far this year.
Gem said the diamond is a “high-quality” Type II stone, meaning it has no detectable nitrogen impurities and will produce a polished diamond of top color and clarity.
The Letšeng mine is in Lesotho, a small, enclaved kingdom located within South Africa. Gem Diamonds operates it in a 70-30 joint venture with the Lesotho government.
The mine is known for its output of large natural color and colorless diamonds, like the 163-carat yellow found earlier this year.
CEO Clifford Elphick said the “remarkable” 442-carat stone is one of the largest gem-quality diamonds found in 2020.
The only reported find that is larger came from Lucara Diamond Corp., which recovered a 549-carat diamond from its mine in Botswana early this year.
A portion of the proceeds from the sale of the diamond will be used to fund a special community project, the company said.
Like so many diamond miners, Gem Diamonds had to shut down production for a period this year due to COVID-19, placing Letšeng on care and maintenance between March 26 and April 28.
The pandemic also has taken a toll on diamond prices, though Gem said in a trading update issued in late July that its large, high-quality diamonds have demonstrated price resilience.
Gem’s sales by volume in the first half of fiscal 2020 were down 22 percent when compared with the second half of 2019, while the total value of diamonds sold dropped 16 percent.
The average price-per-carat, however, was up 8 percent to $1,707/carat from $1,576/carat.
Gem said it offered only larger diamonds at its June tender, as it’s holding off on the sale of smaller stones until September, but included an estimated value for the diamonds in the per-carat price average.
The company is set to release complete half-year results on Sept. 3.
More on Sourcing
The Latest
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
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.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Weekly QuizMay 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
CrimeMay 08, 2025
Former NYC Jewelry Store Employee Arrested in 2017 Choking Death of Boss Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.
EditorsMay 08, 2025
5 ‘Superfine’ Met Gala Jewelry MomentsAssociate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.
Supplier BulletinMay 08, 2025
Instappraise Introduces Game-Changing Trifold Appraisal FormatSponsored by Instappraise
FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.
IndependentsMay 08, 2025
Margot McKinney Lands in the U.S. With New BoutiqueThe brand’s first independent location outside of Australia has opened in Beverly Hills, California.
IndependentsMay 08, 2025
Verragio Announces New Regional Sales ManagerCathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.
FinancialsMay 07, 2025
Pandora Posts Strong Q1, Plans for TariffsThe company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.
ColumnistsMay 07, 2025
The Smart Lab: Building a Seasonal Marketing Strategy for Mother’s Day and BeyondConnecting with your customers throughout the year is key to a successful holiday marketing push.
TechnologyMay 07, 2025
Punchmark’s Latest Podcast Features a Very Special Guest National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.
AuctionsMay 06, 2025
Harwell Godfrey Reimagines 10-Carat Blue Diamond for Met Gala-Ready BroochDesigner Lauren Harwell Godfrey made the piece as an homage to the 2025 gala’s theme, “Superfine: Tailoring Black Style.”
Events & AwardsMay 06, 2025
Here’s Who Made Jewelers of America’s New ‘20 Under 40’ ListExpanded this year to include suppliers, JA’s 2025 list honors 40 up-and-coming professionals in the jewelry industry.
IndependentsMay 06, 2025
Sissy's Log Cabin Opens New StoreLocated in Fort Smith, it’s the Mid-South jeweler’s first store in Northwest Arkansas.
IndependentsMay 06, 2025
Gunderson’s Jewelers to Be Featured on ‘World’s Greatest’ TV SeriesThe episode about the family-owned jeweler will premiere May 17.
IndependentsMay 05, 2025
Zadok Jewelers Opens Store in AustinThe Houston-based jeweler’s new 11,000-square-foot showroom will include a Rolex boutique.
AuctionsMay 05, 2025
Nancy Astor’s Cartier Tiara Heads to AuctionThe turquoise and diamond tiara hasn’t been on the market since it was purchased by Lord Astor in 1930.
