Diamond miner Gem Diamonds set a record production year in 2018 with the recovery of 15 diamonds greater than 100 ct during the year ended December 31, 2018.
The year also marked the highest recovery of diamonds greater than 20 ct in one year, while 80% of revenue was generated by diamonds greater than 10 ct.
During the year under review, a 4.06 ct pink diamond achieved the highest dollar per carat for the year of $64 067/ct, and a 138.2 ct white diamond, which sold for $8.4-million, or $60 428/ct, was the highest dollar per carat during a year for a Letšeng white rough diamond.
Another exceptional recovery was the notable 910 ct Type IIa, D-colour rough diamond, called Lesotho Legend, which sold for $40-million, or $43 956/ct.
“This diamond is the largest recovered from Letšeng to date and is the fifth-largest gem-quality diamond ever recovered. The recovery of a diamond of this quality and size affirms the world-class calibre of the Letšeng mine,” says Gem Diamonds CEO Clifford Elphick.
The name Lesotho Legend reflects the iconic nature of the stone, as well as the splendour of its country of origin; the stone is a catalyst for Gem Diamonds to “build a legacy”.
Surrounding Communities“In line with our ongoing desire to build meaningful, long-term and mutually beneficial relationships with our surrounding communities, and to mark the recovery of the Lesotho Legend, the 910 Community Project was initiated,” says Gem Diamonds chairperson Harry Kenyon-Slaney.
Following consultation with community leaders, and in line with the agricultural focus of many of the company’s other social initiatives, the construction and development of a commercial poultry and egg farming cooperative was identified as the preferred community project.
A feasibility study has been commissioned to better understand the potential socioeconomic impact of this project and to determine the investment required.
“The aim of all community projects is to create viable and sustainable community income streams that last beyond the life of the mine and, in this way, ensure the surrounding community derives a direct benefit from the mineral wealth of the area,” Elphick says.
In addition to being a substantial employer in Lesotho, with a workforce of over 2 000 people, the Letšeng mine is also working closely with the surrounding communities to identify meaningful social projects to support.
During the year, material investments continued into a range of community and social programmes designed to support community needs through self-sustaining initiatives, such as the dairy farming project launched in 2017, the vegetable farming project launched in 2015 and the four woolsheds construction project launched in 2013.
Additionally, following a consultation process, Gem Diamonds started the construction of a footbridge that would allow year-round access for several communities to crucial services and infrastructure, such as schools, local markets and transport routes.