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Gem Diamonds Ltd. (LSE:GEMD) announced that an “exceptional quality 164 carat D colour, Type IIa diamond” recovered at the end of last month from its Lesotho-based Letšeng mine has been sold into a profit-sharing agreement for US$9 million.
Gem Diamonds Ltd. (LSE:GEMD) announced that an “exceptional quality 164 carat D colour, Type IIa diamond” recovered at the end of last month from its Lesotho-based Letšeng mine has been sold into a profit-sharing agreement for US$9 million.
As quoted in the press release:
This remarkable rough diamond is expected to produce top colour and top clarity polished diamonds and has been sold into a profit sharing arrangement for US$ 9.0 million (US$ 54 911 per carat), whereby the rough price is received upfront. Letšeng Diamonds will benefit further from a significant share of the downstream polished margin from the sale of the polished diamonds.
Clifford Elphick, CEO of Gem Diamonds, commented:
The recovery and sale of this high quality 164 carat white diamond reinforces Letšeng’s position as the premier source of exceptional diamonds.
Click here to read the full Gem Diamonds Ltd. (LSE:GEMD) press release.