The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Diamond Mine in Lesotho Yields 163-Carat Yellow
The Letšeng mine reopened in mid-April after being closed for a month to stem the spread of COVID-19.
London—Gem Diamonds said it has recovered a 163-carat yellow Type Ia diamond from the Letšeng mine in Lesotho.
The London-based mining company posted news of the find on its website last week, noting the diamond was recovered on June 24 with no breakage.
Gem operates Letšeng, which is known for producing large, high-quality diamonds, in a 70-30 partnership with the government of the Kingdom of Lesotho.
Like many diamond mines worldwide, Letšeng went on care and maintenance in late March because of the spread of COVID-19. Gem announced the reopening of the mine on April 24.
In the first half of 2020, Gem said its diamonds sold for an average of $1,707 per carat, up from $1,687 in H1 2019 and $1,506 in the second half of 2019.
Among the highlights were the sale of 13-carat pink diamond, pictured below, for $40,110 per carat (about $522,000) and a 61-carat Type II white diamond selling for $31,400 ($1.9 million).
In the first half of the year, Gem sold 15 diamonds for more than $1 million each and one diamond for more than $5 million.
Gem has been holding its tenders in Antwerp in “strict compliance with COVID-19 health and safety protocols and appropriate social distancing guidelines.”
CEO Clifford Elphick said: “The results of the latest tender for Letšeng’s large diamonds are positive. With an average dollar per carat for the first half of the year of $1,707, and with certain stones selling above their anticipated post-COVID-19 valuations, it is clear that there is a good level of demand for the high-quality Letšeng diamonds.”
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.