Shares in Gem Diamonds shine on 'remarkable' recovery

29th May 2024 08:22

(Sharecast News) - Gem Diamonds has recovered a 212 carat precious stone, the miner confirmed on Wednesday, sending its shares higher.

The London-listed miner, which has a 70% stake in the Letseng mine in Lesotho, said a "remarkable" 212.49 carat type II white diamond had been recovered at the site on 28 May.

As at 0945 BST, the stock had jumped 5% at 13.15p, having earlier added as much as 8%.

It is the sixth greater-than-100 carat diamond Gem has recovered this year. The Letseng mine is known for the production of large, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mind in the world.

Last month Gem - a specialist in high value diamonds - discovered at 169.15 carat diamond at the southern African site.