Gem Diamonds Sells 910-carat Diamond for US$40 Million

- March 14th, 2018

After unearthing a 910-carat diamond at the beginning of this year, Gem Diamonds has sold the large gem for US$40 million.

Gem Diamonds (LSE:GEMD) has sold its 910-carat diamond, the fifth largest in history, for a reported US$40 million to a buyer in Antwerp.

The company unearthed the diamond earlier this year from its prominent Letšeng mine in Lesotho.

The Letšeng mine is not only famous for the size and quality of the diamonds it produces, but also for having the highest average selling price in the world.

When the diamond was discovered, CEO Clifford Elphick stated, “[t]his is a landmark recovery for all of Gem Diamonds’ stakeholders, including our employees, shareholders and the Government of Lesotho, our partner in the Letšeng mine.”

The sale of the diamond, which is the size of two golf balls, is the biggest for Gem, yet other companies have sold stones for more. For instance, Lucara Diamond (TSX:LUC) received US$63 million for an 813-carat stone last year and US$53 million for the 1,111-carat diamond it found at the same time.

As mentioned, Gem’s 910-carat diamond is the fifth largest in the world and takes its place behind other large recoveries dating back as long ago as 1905.

On Wednesday (March 14), Gem announced that it had retrieved a 169-carat, top white color type IIa diamond, making it the seventh diamond of over 100 carats recovered in 2018.   

As of 3:00 p.m. EST, Gem’s stock was trading at GBX $96.40, up 3.66 percent for the day.

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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

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