Gem Diamonds find flawless 216 CT stone

Gem Diamonds Ltd, an African diamond mining company founded by the former managing director of E. Oppenheimer and Son, Clifford Elphick, said it recovered a flawless, D-colour 216 carat stone from the Letseng diamond mine in Lesotho on January 26th.

The diamond was transported to Antwerp last week, where it will be tendered in a parcel that also includes two other white, D-colour flawless stones weighing 54.9 carats and 30 carats respectively, the company said.

Last year the Letseng mine recovered the 603 carat Lesotho Promise – one of the fifteen largest gem quality diamonds, which was subsequently sold for $12.4 million to Graff Jewellers. The mine is co-owned by Gem Diamonds (70 per cent) and the Lesotho government (30 per cent).

The company plans to file an initial public offering (IPO) on the London Stock Exchange this month to raise funds for new projects in the Democratic Republic of Congo and the Central African Republic.