How We Present the News
WORLD NEWS
Positive Trends
Success Stories
Flops
Agriculture
Business
Culture
Education
Government
Health
Science
World Peace
News by
Country
Maharishi in the World Today
Excellence in Action
Consciousness Based Education
Ideal Society
Index
Invincible World
Action for
Achievement
Announcements
WATCH LIVE
Maharishi® Channel
Maharishi TV
Maharishi Darshan Hindi Press Conferences
Maharishi's Press Conferences and Great Global Events
ULTIMATE GIFTS
Maharishi's
Programmes
Maharishi's
Courses
Maharishi's
Publications
Scintillating
Intelligence
Worldwide Links
Transcendental
Meditation
RESEARCH
Album of Events
Celebration
Calendars
Musicmall ♬
Search
|
Gem Diamonds unearths 'exceptional' diamond in Lesotho
by Roshni Menon
Reuters Translate This Article
5 August 2014
* 198-carat white diamond recovered from Letseng mine
* Company says diamond will fetch 'exceptional price' this year
* Panmure Gordon analysts estimate price of $10-15 mln
* Shares rise more than 7 pct
Aug 5 (Reuters) - Gem Diamonds Ltd said it has recovered a 198-carat white diamond from its flagship mine in Lesotho that should fetch 'an exceptional price' when sold this year.
The company's shares rose more than 7 percent to rank among the top gainers on the London Stock Exchange on Tuesday.
Gem Diamonds recovered the type IIa diamond from its Letseng mine at the end of July. The company said the diamond displays no fluorescence.
The Letseng mine, in the Maluti mountains of Lesotho, is known for its large white diamonds. Since Gem Diamonds acquired a 70 percent stake in 2006, the mine has unearthed four of the 20 largest white gem-quality diamonds ever recorded.
The government of Lesotho owns the other 30 percent.
'The recovery of this large, high-quality white diamond continues to support the Letseng mine's reputation as the most important source of exceptional quality, large diamonds,' Gem Diamonds Chief Executive Clifford Elphick said in a statement.
Analysts at Panmure Gordon said the diamond could be sold for 'in excess of $10 million and possibly as much as $15 million', based on the price of similar stones from Letseng sold since 2010.
At a tender in February, Gem Diamonds sold a 162.02-carat diamond for $11.1 million and a 161.31-carat stone for $2.4 million. Both diamonds were recovered from Letseng in January.
'On that basis, a 198-carat diamond would be in the range of $2.9 million to $13 million,' analysts at Numis wrote in a note, adding that the price would depend on colour, clarity and expected polished yield.
'Either way, (it's) another nice cherry plucked from the Letseng cake,' they wrote.
Gem Diamonds, which is also developing a mine in Botswana, reported revenue of $212.8 million in 2013.
The company's shares were up 5.7 percent at 197 pence at 0835 GMT.
(Additional reporting by Karen Rebelo in Bangalore; Editing by Robin Paxton)
© Copyright 2014 Reuters
Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. 'Reuters' and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies. For additional information on other Reuters media services please visit reuters.com/newsagency .
Every day Global Good News documents the rise of a better quality of life dawning in the world from good news reported by the press; and highlights the need for introducing Natural Law based—Total Knowledge based—programmes to bring the support of Nature to every individual, raise the quality of life of every society, and create a lasting state of world peace.
Translation software is not perfect; however if you would like to try it, you can translate this page using:
Send Good News to Global Good News.
Your comments.
|
|