Business
196ct White Diamond Recovered
196ct White Diamond Recovered.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n RNS Number : 2448S Gem Diamonds Limited 07 September 2010 \n \n\n7 September 2010\n \nGem Diamonds Limited\n \n \n196ct White Diamond Recovered at Letšeng Mine\n \nGem Diamonds Limited (LSE: GEMD) (\"Gem Diamonds\") and the Government of the Kingdom of Lesotho are delighted to announce that an exceptional 196 carat rough white diamond has been recovered from the Letšeng mine in Lesotho on 24 August 2010. \n \nThis remarkable rough diamond is expected to achieve a substantial price per carat as preliminary examinations indicate that it is expected to produce top colour and top clarity polished diamonds. \n \nSince Gem Diamonds' acquisition of the Letšeng mine in mid 2006, it has produced three of the world's twenty largest recorded diamonds, namely, the 603 carat Lesotho Promise, recovered in August 2006, which sold for US$12.4 million; the 493 carat Letšeng Legacy, recovered in September 2007 which sold for US$10.4 million; and the 478 carat Light of Letšeng, recovered in September 2008, which sold for US$18.4 million. \n \nGem Diamonds' CEO, Clifford Elphick commented: \n \n\"Letšeng continues to live up to its reputation as a unique producer of exceptional diamonds and the recovery of this remarkable 196 carat white diamond reinforces its position as one of the great mines in the diamond industry. In order to increase the returns from this world class asset, management is focused on a number of workstreams which aim to substantially expand production and increase value at Letšeng.\" \n \nFor further information:\nGem Diamonds Limited\nClifford Elphick, Chief Executive Officer\nGlenn Turner, Chief Commercial Officer\nTel: +44 (0) 203 043 0280\n \nRichard Chetwode, Investor Relations\nTel: +44 (0) 203 043 0280\nMob: +44 (0) 759 0064 883\n \nGem Diamond Technical Services Ltd\n \nSherryn Tedder, Media\nTel: +27 (0) 11 560 9618\nMob: +27 (0) 83 943 4505\n \nPelham Bell Pottinger\n \nJames MacFarlane\nTel: +44 (0) 207 861 3864 / +44 (0) 7841 672 831\n \nJames Henderson\nTel: +44 (0) 207 861 3160 / +44 (0) 7774 444 163\n \nCharles Vivian\nTel: +44 (0) 207 861 3126 / +44 (0) 7977 297 903\n \nAbout Gem Diamonds:\nGem Diamonds is an international diamond mining company that has pursued a long term growth strategy through targeted ac...