🕐21.09.08 - 16:56 Uhr

Gem Diamonds Limited News Alert - Recovery of One of the World's Largest Rough Diamonds



Please find attached and below the announcement by Gem Diamonds Limited regarding the recovery of the World’s 20th largest rough diamond with potential to yield the largest polished round diamond in history

 

 

Due to be released tomorrow, 22nd September at 07.00

 

 

   

 

Please see PDF attachment for additional information and notes to editors.

 

Joint News Release                                                                                                  22 September 2008

 

 

GEM DIAMONDS LIMITED

“Gem Diamonds” or “the Company”

 

And

 

THE GOVERNMENT OF THE KINGDOM OF LESOTHO

“The Government of Lesotho”

 

RECOVERY OF HISTORIC 478 CARAT WHITE DIAMOND

 

Gem Diamonds, the FTSE 250 listed diamond company, in partnership with the Government of the Kingdom of Lesotho, is delighted to announce the recovery on Monday 8 September of a historic diamond from the Let¹eng Mine in Lesotho. 

 

Subsequent to its recovery, the diamond was transferred to Antwerp where it underwent acidisation and provisional analysis.  Weighing 478 carats, it was determined to be a type II D colour diamond, the highest colour grading available for a white diamond.  Furthermore the diamond is of outstanding clarity with no inclusions visible in its rough form.

 It has the potential to yield one of the largest flawless D colour round polished diamonds in history. 

 

The diamond, which is yet to be named, ranks as the 20th largest rough diamond ever to be recovered.  It is the third significant recovery from the Let¹eng Mine in as many years, following the 603 carat Lesotho Promise and the 493 carat Let¹eng Legacy recovered in 2006 and 2007 respectively.  Including the 601 carat Lesotho Brown, recovered in 1960, the Let¹eng Mine has now produced four of the world’s 20 largest rough diamonds and the three largest diamonds recovered this century.

 

Commenting on the recovery, Minister Monyane Moleleki, the Minister of Natural Resources for Lesotho said:

Once again Let¹eng has proved its ability to produce extraordinary diamonds and continues to place Lesotho at the forefront of diamond producing countries.  We will continue to proudly develop this asset and the rare diamonds that it produces to their maximum value for the benefit of the people of Lesotho.”

 

Clifford Elphick, Chief Executive Officer of Gem Diamonds, added:

Preliminary examination of this remarkable diamond indicates that it will yield a record breaking polished stone of the very best colour and clarity.  Let¹eng continues to reward its shareholders with the production of these significant diamonds and to confirm its position as one of the great mines in the diamond industry.  With a further 45 years of life remaining, we expect Let¹eng to make history for many years to come.”

 

For further information:

 

Gem Diamonds Limited

Richard Chetwode

Tel: +44 203 043 0290

 

Gem Diamond Technical Services

Angela Parr

Tel: +27 11 560 9600

 

Pelham PR

Candice Sgroi

Tel: +44 207 743 6376

 

James Henderson

Tel: +44 207 743 6673

 

 

NOTES TO EDITORS

 

About Gem Diamonds

 

Gem Diamonds is a global diamond company that is pursuing an accelerated growth strategy through targeted acquisitions and the development of its existing assets.

 

The Company’s portfolio comprises producing kimberlite, lamproite and alluvial mines, development projects, exploration assets as well as a diamond beneficiation centre.

Operations are situated in Angola, Australia, Botswana, CAR, DRC, Dubai, Lesotho and Indonesia.

 

Gem Diamonds has a specific focus towards higher value diamonds, a segment of the market expected to deliver superior long term returns.

 

The Company produces some of the world’s most remarkable white diamonds from its Let¹eng mine, rare fancy and vivid yellow diamonds from its Ellendale mine and an array of coloured diamonds from its Cempaka mine.

 

In February 2007, Gem Diamonds listed on the London Stock Exchange and raised US$600 million (net of expenses) to fund development of its existing assets as well as to pursue acquisitive growth opportunities.

Gem Diamonds trades under the code GEMD.

At the time of this announcement the market capitalisation of the company is approximately US$850 million.

 

 

Let¹eng Diamond Mine – the world’s most significant diamond mine

 

The Let¹eng Mine is owned by the Let¹eng Diamond Company which is 70% owned by Gem Diamonds and 30% by the Government of Lesotho.

 

Let¹eng mine was operated by De Beers between 1977 and 1982 and the mine was reopened in 2004 before being acquired by Gem Diamonds in 2006.

 

This 478 carat rough diamond recovered at the mine is the 20th largest rough diamond to ever be recovered.

It is the fourth largest diamond to be recovered from the Let¹eng Mine.

 

In the mid 1960’s the 601ct Lesotho Brown diamond (16th largest) was recovered from the Let¹eng Mine, it was followed by the 603ct Lesotho Promise (15th largest) in August 2006 and the Let¹eng Legacy (18th largest) in September 2007.

 

 

 

James MacFarlane
Account Manager


+44 (0)20 7743 6375  M +44 (0)7841 672 831

Pelham Public Relations

NO 1 CORNHILL LONDON EC3V 3ND
FAX +44 (0)20 7743 6671
WWW.PELHAMPR.COM

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