Logo

Gem Diamonds sold the "Lesotho Legend" for $ 40 million


Gem Diamonds sold the "Lesotho Legend" for $ 40 million Only 26 diamonds caused Gem Diamonos to gain colossal profit and to inflate their coffers far beyond their previous financial year.
 

Gem Diamonds is a London-based company that operates the Lesšeng diamond mine in Lusosto. She began her financial year, finding and selling the "Lesotho Legend" diamond, a 910 carat diamond that was saved at $ 40 million - the largest diamond in the mine - and 25 more gemstones sold for more than $ 1 million each.

The company's mid-year income (up to the end of June) surged 81 percent to $ 168 million, and after-tax profit rose to $ 41 million from $ 578,000 in the past. Cash flow increased by nearly $ 71 million. The average selling price of a diamond jumped to $ 2,742 per carat compared with $ 1,779 per carat in the same period last year. The company sold 61,596 carats compared to 50,478 in the previous period.

Jim holds about 70% of the Stenag mine, with the Lesotho government holding about 30%. Talks are underway with the mining company to renew its lease. The company is in the process of selling its Ghaghoo mine in northern Botswana where it failed to make the operation a profit.