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Letšeng Pink Sells for Almost $9M

Per-carat price of $656,933 breaks company record.
Mar 14, 2019 9:33 AM   By Rapaport News
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RAPAPORT... Gem Diamonds has announced the sale of a 13.33-carat pink diamond, discovered in February at its mine in Lesotho, for $8.8 million.

The tender sale, which took place in Antwerp, represents a record per-carat price of $656,933 for the company, it said Thursday.

The result builds on a successful 2018 for Gem Diamonds, which more than doubled its profits to $46.6 million, it reported. The miner said this was due to a record number of large stones recovered at the Letšeng mine, with its haul of diamonds weighing more than 20 carats rising 21% to 257.

Last year, it sold 44 diamonds for more than $1 million, achieving a total of $137.2 million. This includes the Lesotho Legend, which garnered $40 million last March.

Despite its positive financial results, Gem Diamonds failed to declare a dividend for 2018, saying its priority was strengthening its financial position given the uncertainty of the current diamond market.

Image: The pink diamond. (Gem Diamonds)
Tags: Antwerp, Gem Diamonds, Letšeng, Letšeng mine, mining, pink, Pink Diamond, Rapaport News, rough, Rough Diamonds, tender
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