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 Letšeng 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 Letšeng Mine in as many years, following the 603 carat Lesotho Promise and the 493 carat Letšeng Legacy recovered in 2006 and 2007 respectively. Including the 601 carat Lesotho Brown, recovered in 1960, the Letšeng 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 Letšeng 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. Letšeng 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 Letšeng to make history for many years to come."

Keith Whitelock, Chief Executive Officer of Letšeng Diamonds, added: "Although the diamond's recovery came as no surprise to the mine staff - it was predicted in terms of diamond size frequency plots - we were thrilled by its superb quality, easily the most valuable stone produced by Letšeng to date."

Press Releases

Click on the links below to view/download the press releases.

• Die Burger - 22/09/2008
• Cape Times Business Report - 22/09/2008
• Beeld - 22/09/2008
• Business Report - 22/09/2008
• Business Day - 22/09/2008
• Sowetan - 22/09/2008
• The Star - 22/09/2008
• Other Press Cuttings

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